Registration number:
including the results of the Audit of the Greek Branch of the Company
for the Year Ended 31 December 2023
PD Neurotechnology Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Accountants' Report |
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Independent Auditors Report of Greek Branch |
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Income Statement |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Unaudited Financial Statements |
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Non-statutory pages |
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Detailed Income Statement |
PD Neurotechnology Limited
Company Information
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Directors |
N Moschos |
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Company secretary |
N Moschos Laytons Secretaries Limited |
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Registered office |
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Accountants |
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Auditors |
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PD Neurotechnology Limited
Strategic Report for the Year Ended 31 December 2023
The director presents his strategic report for the year ended 31 December 2023.
Fair review of the business
Parkinson's Disease (PD) is a major cause of disability. Patient’s quality of life and disease progression depend on consistent and prompt assessment of motor complications and optimal timing & dosing of treatment, currently based on subjective diaries and routine visits to the physician. Treatment is often delayed and non-optimal, leading to rapid symptom and QoL deterioration, lost days from work, falls, hospital stays, high mortality, time spent to travel and wait in the clinic and increased cost to the System. PD Monitor® is a CE marked Class IIa medical device, enabling an accurate, home based, continuous motor symptom evaluation, coupled with information on lifestyle and drug adherence. A web application allows the physician to have a comprehensive view of the patient and assess the disease stage and promptly and optimally modify the treatment. PD Neurotechnology, with PDMonitor® is already striving towards enabling a paradigm shift in PD treatment, with proactive, preventive, participatory and personalized healthcare delivery.
PD Neurotechnology® is on track with its updated business plan. More than 1500 patients have been activated, in Sales (including pilots) and Studies, until end of December 2023, validating the company’s readiness to serve multiple patients and physicians in multiple countries. In 2023, sales were primarily generated in Greece, France, Turkey and the UK, while at the same time early sales were established in Switzerland, and the US through IRB approved projects.
We saw a remarkable increase in global days of monitoring, while our R&D team further improved the Physician Tool interface and PDMonitor® symptom detection. R&D also worked on the next major version of PDMonitor® (version 1.5) and on other products based on PD Neurotechnology’s development pipeline.
Finally, numerous publications further enhanced our evidence base, to support reimbursement, with the help of specialist advisors, with completed and ongoing clinical studies and post market survey support evidence generation. The NICE Diagnostic Assessment Program resulted in conditional clearance of PDMonitor® use in the NHS.
All activities for maintenance and expansion of PD Neurotechnology’s certifications, namely ISO 9001:2015, ISO 27001:2013, ISO 27701:2019 and ISO 13485:2016 and Medical Device Directive (MDD-93/42/EEC) are followed as planned.
Principal risks and uncertainties
The company faces a number of business risks and uncertainties. The directors are looking carefully at all of them. Below is a summary of some of the key risks faced by the company and the measures that PD Neurotechnology has utilized to mitigate these risks.
The company is expanding into multiple foreign markets and the impact on the company is different due to reimbursement legislations and other regulations that can affect product revenue and delivery, as well as due to the effect of the UK leaving the European Union.
To mitigate this the directors continuously consult with advisors in each market they plan to expand into to research the implications and the company commercializes in markets, where regulatory and reimbursement requirements are met.
PD Neurotechnology Limited
Strategic Report for the Year Ended 31 December 2023
Approved by the
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PD Neurotechnology Limited
Director's Report for the Year Ended 31 December 2023
The director presents his report and the unaudited financial statements for the year ended 31 December 2023.
Director of the company
The directors, who held office during the year, were as follows:
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the
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Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
PD Neurotechnology Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PD Neurotechnology Limited for the year ended 31 December 2023 set out on pages 8 to 35 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of PD Neurotechnology Limited, as a body, in accordance with the terms of our engagement letter dated 27 May 2016. Our work has been undertaken solely to prepare for your approval the accounts of PD Neurotechnology Limited and state those matters that we have agreed to state to the Board of Directors of PD Neurotechnology Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PD Neurotechnology Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that PD Neurotechnology Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PD Neurotechnology Limited. You consider that PD Neurotechnology Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of PD Neurotechnology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
Independent Auditors Report
of
PD Neurotechnology Limited Greek Branch
for the Period Ended 31 December 2023
Independent Auditors Report
To the Management of the Branch in Greece of PD NEUROTECHNOLOGY LIMITED GREEK BRANCH
Opinion
We have audited the financial statements of the Branch in Greece of PD NEUROTECHNOLOGY LIMITED GREEK BRANCH (the Greek Branch), which comprise the statement of financial position as at December 31, 2023, statements of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements presents fairly, in all material respects, the financial position of the of the Branch in Greece of PD NEUROTECHNOLOGY LIMITED GREEK BRANCH as at December 31, 2023, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standard for Small and Medium-Sized Entities that have been adopted by the European Union.
Basis for Opinion
We concluded our audit in accordance with International Standards on Auditing (ISAs) incorporated into the Greek Legislation. Our responsibilities under those standards are described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Greek Branch in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) incorporated into the Greek Legislation and ethical requirements relevant to the audit of financial statements in Greece and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter - Basis of Accounting and Restriction on Distribution and use
We draw attention to:
1. Note 2.1 to the financial statements, which describes the basis of accounting. The financial statements are prepared based on International Financial Reporting Standards for Small and Medium-Sized Entities for the sole purpose of presenting the financial position of the Greek Branch for internal information as described in Note 2.1 of the financial statements. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for the Branch in Greece of PD NEUROTECHNOLOGY LIMITED GREEK BRANCH and should not be distributed to or used by parties other than those mentioned above.
2. The value of the Greek Branch's short-term liabilities exceeds the total value of their current assets by € 0.4 million.
3. The company's tax obligations have not been audited by the tax authorities for the fiscal years from 2019 to 2023. Therefore, the tax results of those years have not been finalized. The company has not made an estimate of any additional taxes and surcharges that may be imposed in a future tax audit and has not formed a related provision for this potential liability. From our audit, we have not obtained reasonable assurance regarding the estimation of the amount of the provision that may be required.
Our opinion is not modified in respect of this matter.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standard for Small and Medium-Sized Entities that have been adopted by the European Union and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Greek Branch's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the management either intends to liquidate the Greek Branch or to cease operations, or has no realistic alternative but to do so.
Auditors Resonsibiilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs, incorporated into the Greek Legislation, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to affect the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, incorporated into the Greek Legislation, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Greek Branch's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Greek Branch's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Greek Branch to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation according to International Financial Reporting Standard for Small and Medium-Sized Entities.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during audit.
Athens, May 9, 2025 The Chartered Accountant
Nikolaos Ioannou
Grant Thornton
I.C.P.A. Reg. No. 29301
Independent Auditors Report
of
PD Neurotechnology Limited Greek Branch
for the Period Ended 31 December 2023
Independent Auditors Report
To the Management of the Branch in Greece of PD NEUROTECHNOLOGY LIMITED GREEK BRANCH
Opinion
We have audited the financial statements of the Branch in Greece of PD NEUROTECHNOLOGY LIMITED GREEK BRANCH (the Greek Branch), which comprise the statement of financial position as at December 31, 2023, statements of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements presents fairly, in all material respects, the financial position of the of the Branch in Greece of PD NEUROTECHNOLOGY LIMITED GREEK BRANCH as at December 31, 2023, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standard for Small and Medium-Sized Entities that have been adopted by the European Union.
Basis for Opinion
We concluded our audit in accordance with International Standards on Auditing (ISAs) incorporated into the Greek Legislation. Our responsibilities under those standards are described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Greek Branch in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) incorporated into the Greek Legislation and ethical requirements relevant to the audit of financial statements in Greece and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter - Basis of Accounting and Restriction on Distribution and use
We draw attention to:
1. Note 2.1 to the financial statements, which describes the basis of accounting. The financial statements are prepared based on International Financial Reporting Standards for Small and Medium-Sized Entities for the sole purpose of presenting the financial position of the Greek Branch for internal information as described in Note 2.1 of the financial statements. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for the Branch in Greece of PD NEUROTECHNOLOGY LIMITED GREEK BRANCH and should not be distributed to or used by parties other than those mentioned above.
2. The value of the Greek Branch's short-term liabilities exceeds the total value of their current assets by € 0.4 million.
3. The company's tax obligations have not been audited by the tax authorities for the fiscal years from 2019 to 2023. Therefore, the tax results of those years have not been finalized. The company has not made an estimate of any additional taxes and surcharges that may be imposed in a future tax audit and has not formed a related provision for this potential liability. From our audit, we have not obtained reasonable assurance regarding the estimation of the amount of the provision that may be required.
Our opinion is not modified in respect of this matter.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standard for Small and Medium-Sized Entities that have been adopted by the European Union and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Greek Branch's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the management either intends to liquidate the Greek Branch or to cease operations, or has no realistic alternative but to do so.
Auditors Resonsibiilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs, incorporated into the Greek Legislation, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to affect the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, incorporated into the Greek Legislation, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Greek Branch's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Greek Branch's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Greek Branch to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation according to International Financial Reporting Standard for Small and Medium-Sized Entities.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during audit.
Athens, May 9, 2025 The Chartered Accountant
Nikolaos Ioannou
Grant Thornton
I.C.P.A. Reg. No. 29301
PD Neurotechnology Limited
Income Statement for the Year Ended 31 December 2023
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Note |
As at |
As at |
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Revenue |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Finance income |
|
|
|
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Finance costs |
( |
( |
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Net finance cost |
( |
( |
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Profit before tax |
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Profit for the year |
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The above results were derived from continuing operations.
PD Neurotechnology Limited
Statement of Comprehensive Income for the Year Ended 31 December 2023
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As at |
As at |
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Profit for the year |
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Total comprehensive income for the year |
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PD Neurotechnology Limited
(Registration number: 09801981)
Statement of Financial Position as at 31 December 2023
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Note |
31 December |
31 December |
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Assets |
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Non-current assets |
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Property, plant and equipment |
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Intangible assets |
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Investments in subsidiaries, joint ventures and associates |
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Trade and other receivables |
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- |
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Current assets |
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Inventories |
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Trade and other receivables |
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Income tax asset |
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Cash and cash equivalents |
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Total assets |
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Equity and liabilities |
|||
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Equity |
|||
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Share capital |
(12,963) |
(11,727) |
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Share premium |
(5,995,031) |
(3,800,632) |
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Retained earnings |
3,169,011 |
3,633,717 |
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Total equity |
(2,838,983) |
(178,642) |
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Current liabilities |
|||
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Trade and other payables |
( |
( |
|
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Loans and borrowings |
( |
( |
|
|
( |
( |
||
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Total equity and liabilities |
( |
( |
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PD Neurotechnology Limited
(Registration number: 09801981)
Statement of Financial Position as at 31 December 2023
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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• |
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the
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PD Neurotechnology Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2023 |
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|
( |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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New share capital subscribed |
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|
- |
|
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At 31 December 2023 |
|
|
( |
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|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 January 2022 |
|
|
( |
( |
|
Profit for the year |
- |
- |
|
|
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Total comprehensive income |
- |
- |
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New share capital subscribed |
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- |
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At 31 December 2022 |
11,727 |
3,800,632 |
(3,633,717) |
178,642 |
PD Neurotechnology Limited
Statement of Cash Flows for the Year Ended 31 December 2023
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Note |
As at |
As at |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
( |
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Finance costs |
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Working capital adjustments |
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Increase in inventories |
( |
( |
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Increase in trade and other receivables |
( |
( |
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Increase in trade and other payables |
|
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Net cash flow from operating activities |
( |
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Cash flows from investing activities |
|||
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Interest received |
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|
|
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Acquisitions of property plant and equipment |
( |
( |
|
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Acquisition of intangible assets |
( |
( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
- |
|
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Proceeds from issue of ordinary shares, net of issue costs |
|
|
|
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Proceeds from other borrowing draw downs |
203,399 |
- |
|
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Foreign exchange gains or losses |
( |
( |
|
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Net cash flows from financing activities |
|
|
|
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Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 January |
14,553 |
333,380 |
|
|
Cash and cash equivalents at 31 December |
6,223 |
14,553 |
|
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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General information |
The company is a private company limited by share capital, incorporated and domiciled in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
The company financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations adopted by the UK ("UK adopted IFRSs").
Summary of material accounting policies and key accounting estimates
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, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with adopted IFRSs and under historical cost accounting rules.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.
The financial statements are presented in Sterling, however the functional currency of the company has been determined to be Euros.
The company choses to prepare the financial statements in sterling as it is UK registered company and in full compliance with IFRSs.
Changes in accounting policy
None of the standards, interpretations and amendments effective for the first time from 1 January 2023 have had a material effect on the financial statements.
None of the standards, interpretations and amendments which are effective for periods beginning after 1 January 2023 and which have not been adopted early, are expected to have a material effect on the financial statements.
Revenue recognition
Recognition
The company earns revenue
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
The principles in IFRS are applied to revenue recognition criteria using the following 5 step model:
1. Identify the contracts with the customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in the contract
5. Recognise revenue when or as the entity satisfies its performance obligations
Fee arrangements
Below are details of fee arrangements and how these are measured and recognised, for revenue from:
Transaction price
Revenue is measured at the transaction price, being the fair value of the consideration received or receivable. The transaction price is reduced for estimated customer returns, rebates and other similar allowances.
Foreign currency transactions and balances
Property, plant and equipment
Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Medical equipment |
Straight line @ 25% |
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Office equipment |
Straight line @ 33% |
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Furniture and fittings |
Straight line @ 20% |
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Goodwill is not subject to amortisation but is tested for impairment.
Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Investments
Investments in securities are classified on initial recognition as available-for-sale and are carried at fair value, except where their fair value cannot be measured reliably, in which case they are carried at cost, less any impairment.
Unrealised holding gains and losses other than impairments are recognised in other comprehensive income. On maturity or disposal, net gains and losses previously deferred in accumulated other comprehensive income are recognised in income.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Trade receivables
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables 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.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Inventories
Inventories are stated at the lower of cost and net realisable value. 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, inventories are assessed for impairment. If inventory is 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 payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. 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 income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Financial instruments
Initial recognition
Financial assets and financial liabilities comprise all assets and liabilities reflected in the statement of financial position, although excluding property, plant and equipment, investment properties, intangible assets, deferred tax assets, prepayments, deferred tax liabilities and employee benefits plan.
The company recognises financial assets and financial liabilities in the statement of financial position when, and only when, the company becomes party to the contractual provisions of the financial instrument.
Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial liability.
All regular way purchases and sales of financial assets and financial liabilities classified as fair value through profit or loss (“FVTPL”) are recognised on the trade date, i.e. the date on which the company commits to purchase or sell the financial assets or financial liabilities. All regular way purchases and sales of other financial assets and financial liabilities are recognised on the settlement date, i.e. the date on which the asset or liability is received from or delivered to the counterparty. Regular way purchases or sales are purchases or sales of financial assets that require delivery within the time frame generally established by regulation or convention in the market place.
Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair value.
Classification and measurement
Financial instruments are classified at inception into one of the following categories, which then determine the subsequent measurement methodology:-
Financial assets are classified into one of the following three categories:-
· financial assets at amortised cost;
· financial assets at fair value through other comprehensive income (FVTOCI); or
· financial assets at fair value through the profit or loss (FVTPL).
Financial liabilities are classified into one of the following two categories:-
· financial liabilities at amortised cost; or
· financial liabilities at fair value through the profit or loss (FVTPL).
The classification and the basis for measurement are subject to the company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets, as detailed below:-
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Financial assets at amortised cost
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:-
· the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
If either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit or loss (FVTPL).
If a financial asset meets the amortised cost criteria, the company may choose to designate the financial asset at FVTPL. Such an election is irrevocable and applicable only if the FVTPL classification significantly reduces a measurement or recognition inconsistency.
Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL:-
· the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
On initial recognition of an equity investments that is not held for trading, the company may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis.
If an equity investment is designated as FVTOCI, all gains and losses, except for dividend income, are recognised in other comprehensive income and are not subsequently included in the statement of income.
Financial assets at fair value through the profit or loss (FVTPL)
Financial assets not otherwise classified above are classified and measured as FVTPL.
Financial liabilities at amortised cost
All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using the effective interest rate method.
Financial liabilities at fair value through the profit or loss
Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes derivative liabilities.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Derecognition
Financial assets
The company derecognises a financial asset when;
- the contractual rights to the cash flows from the financial asset expire,
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the consideration received is recognised as a gain or loss in the profit or loss.
Any cumulative gain or loss recognised in OCI in respect of equity investment securities designated as FVTOCI is not recognised in profit or loss on derecognition of such securities. Any interest in transferred financial assets that qualify for derecognition that is created or retained by the company is recognised as a separate asset or liability.
The company enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or substantially all of risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not derecognised.
When the company derecognises transferred financial assets in their entirety, but has continuing involvement in them then the entity should disclose for each type of continuing involvement at the reporting date:
(a) The carrying amount of the assets and liabilities that are recognised in the entity’s statement of financial position and represent the entity’s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised.
(b) The fair value of the assets and liabilities that represent the entity’s continuing involvement in the derecognised financial assets;
(c) The amount that best represents the entity’s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined
(d) The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets
Financial liabilities
The company derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Modification of financial assets and financial liabilities
Financial assets
If the terms of a financial asset are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial asset is recognised at either amortised cost or fair value.
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the company recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
Financial liabilities
If the terms of a financial liabilities are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised and new financial liabilities are recognised at either amortised cost or fair value.
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial liabilities. In this case, the company recalculates the gross carrying amount of the financial liabilities and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Impairment of financial assets
Measurement of Expected Credit Losses
The company recognises loss allowances for expected credit losses (ECL) on financial instruments that are not measured at FVTPL, namely:
- Financial assets that are debt instruments
- Accounts and other receivables
- Financial guarantee contracts issued; and
- Loan commitments issued.
The company classifies its financial instruments into stage 1, stage 2 and stage 3, based on the applied impairment methodology, as described below:
Stage 1: for financial instruments where there has not been a significant increase in credit risk since initial recognition and that are not credit-impaired on origination, the company recognises an allowance based on the 12-month ECL.
Stage 2: for financial instruments where there has been a significant increase in credit risk since initial recognition but they are not credit-impaired, the company recognises an allowance for the lifetime ECL.
Stage 3: for credit-impaired financial instruments, the company recognises the lifetime ECL.
The company measures loss allowances at an amount equal to the lifetime ECL, except for the following, for which they are measured as a 12-month ECL:
- debt securities that are determined to have a low credit risk (equivalent to investment grade rating) at the reporting date; and
- other financial instruments on which the credit risk has not increased significantly since their initial recognition.
The company considers a debt security to have low credit risk when their credit risk rating is equivalent to the globally understood definition of ‘investment grade’.
A 12-month ECL is the portion of the ECL that results from default events on a financial instrument that are probable within 12 months from the reporting date.
Provisions for credit-impairment are recognised in the statement of income and are reflected in accumulated provision balances against each relevant financial instruments balance.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Evidence that the financial asset is credit-impaired include the following;
- Significant financial difficulties of the borrower or issuer;
- A breach of contract such as default or past due event;
- The restructuring of the loan or advance by the company on terms that the company would not consider otherwise;
- It is becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
- The disappearance of an active market for the security because of financial difficulties; or
- There is other observable data relating to a group of assets such as adverse changes in the payment status of borrowers or issuers in the company, or economic conditions that correlate with defaults in the company.
For trade receivables, the company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2023 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Derivative financial instruments
Derivative financial instruments are contracts, the value of which is derived from one or more underlying financial instruments or indices, and include futures, forwards, swaps and options in the interest rate, foreign exchange, equity and credit markets.
Derivative financial instruments are recognised in the statement of financial position at fair value. Fair values are derived from prevailing market prices, discounted cash flow models or option pricing models as appropriate.
In statement of financial position, derivative financial instruments with positive fair values (unrealised gains) are included as assets and derivative financial instruments with negative fair values (unrealised losses) are included as liabilities.
The changes in the fair values of derivative financial instruments entered into for trading purposes are included in trading income.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Hedge accounting
Derivatives held for risk management purposes include all derivative assets and liabilities that are not classified as trading assets and liabilities.
The company designates certain derivatives held for risk management as well as certain non-derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, the company formally documents the relationship between the hedging instruments and hedge items, including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship. The company makes an assessment, both at inception of the hedge relationship and on an ongoing basis, of whether the hedging instruments are expected to be highly effective in offsetting that changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated.
These hedging relationships are discussed below.
Fair value hedges
When a derivative is designated as the hedging instrument in a hedge of the change in fair value of a recognised assets or liability or a firm commitment that could affect profit or loss, changes in the fair value of the derivative are recognised immediately in profit or loss, together with changes in the fair value of the hedged item that are attributable to the hedged risk (in the same line item in the statement of profit or loss and OCI as the hedged item).
If hedging derivatives expire or are sold, terminated or exercised, or the hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if the derivative is novated to a central clearing counterparty by both parties as a consequence of laws or regulations without changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or terminated.
Any adjustment up to the point of discontinuation of a hedged item for which the effective interest method is used is amortised to profit of loss as part of the recalculated effective interest rate of the item over its remaining life.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Cash flow hedges
The company makes an assessment for a cash flow hedge of a forecast transaction, of whether the forecast transaction is highly probable to occur and presents an exposure to variations in cash flows that could ultimately affect profit or loss.
When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability that could affect profit or loss, then the effective portion of changes in the fair value of the derivative is recognised in OCI and presented in the hedging reserve within equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The amount recognised in OCI is reclassified to profit or loss as a reclassification adjustment in the same period as the hedged cash flows affect profit or loss, and in the same line item in the statement of profit or loss and OCI.
If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cash flow hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if the derivative is novated to a central clearing counterparty by both parties as a consequence of laws or regulations without changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or terminated.
Hedges of a net investment in a foreign operation
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a foreign investment, the effective portion of changes in the fair value of the hedging instrument is recognised in OCI and presented as a separate reserve within equity.
Any ineffective portion of the changes in the fair value of the hedge instrument is recognised immediately in profit or loss. The amount recognised in OCI is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign investment.
Accounting estimates and assumptions
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of certain financial assets, liabilities, income and expenses.
The use of estimates and assumptions is principally limited to the determination of provisions for impairment, the valuation of financial instruments and as explained in more detail below:-
Provisions for impairment
In determining impairment of financial assets, judgement is required in the estimation of the amount and timing of future cash flows as well as an assessment of whether the credit risk on the financial asset has increased significantly since initial recognition and incorporation of forward-looking information in the measurement of ECL.
Fair value of financial assets and liabilities
Where the fair value of financial assets and liabilities cannot be derived from active markets, they are determined using a variety of valuation techniques that include the use of mathematical models. The input to these models is derived from observable markets where available, but where this is not feasible, a degree of judgement is required in determining assumptions used in the models. Changes in assumptions used in the models could affect the reported fair value of financial assets and liabilities.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
As at |
As at |
|
|
Government grants |
|
|
|
Other grants |
|
- |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
As at |
As at |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Finance income and costs |
|
As at |
As at |
|
|
Finance income |
||
|
Interest income on bank deposits |
|
|
|
Finance costs |
||
|
Interest on bank overdrafts and borrowings |
( |
- |
|
Foreign exchange losses |
( |
( |
|
Total finance costs |
( |
( |
|
Net finance costs |
( |
( |
|
Staff costs |
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
As at |
As at |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Research and development |
|
|
|
Sales |
|
|
|
Other departments |
|
|
|
|
|
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Property, plant and equipment |
|
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2022 |
|
|
|
|
|
Additions |
|
|
- |
|
|
At 31 December 2022 |
|
|
|
|
|
At 1 January 2023 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
At 31 December 2023 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2022 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2023 |
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
At 1 January 2022 |
|
|
|
|
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Intangible assets |
|
Internally generated software development costs |
Total |
|
|
Cost or valuation |
||
|
Additions |
|
|
|
At 31 December 2022 |
|
|
|
At 1 January 2023 |
|
|
|
Additions |
|
|
|
At 31 December 2023 |
|
|
|
Amortisation |
||
|
Amortisation charge |
|
|
|
At 31 December 2022 |
|
|
|
At 1 January 2023 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2023 |
|
|
|
Carrying amount |
||
|
At 31 December 2023 |
|
|
|
At 31 December 2022 |
|
|
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Investments |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2022 |
|
|
At 31 December 2022 |
|
|
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2023 |
|
|
At 1 January 2022 |
|
Details of the subsidiaries as at 31 December 2023 are as follows:
|
Name of subsidiary |
Principal activity |
Registered office |
Proportion of ownership interest and voting rights held |
2022 |
|
|
Dormant Company |
England |
|
|
|
|
Dormant Company |
England |
|
|
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Inventories |
|
31 December |
31 December |
|
|
Other inventories |
|
|
|
Trade and other receivables |
|
Non-current assets |
31 December |
31 December |
|
Trade receivables |
|
- |
|
Current assets |
31 December |
31 December |
|
Trade receivables |
|
|
|
Prepayments |
- |
|
|
Other receivables |
|
|
|
|
|
The company's exposure to credit and market risks, including maturity analysis, relating to trade and other receivables is disclosed in note 16 "Financial risk review".
|
Cash and cash equivalents |
|
31 December |
31 December |
|
|
Cash at bank |
|
|
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Share capital |
Allotted, called up and fully paid shares
|
31 December |
31 December |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
8,577 |
|
8,452 |
|
|
|
1,226 |
|
1,226 |
|
|
|
1,322 |
|
1,322 |
|
|
|
618 |
|
618 |
|
|
|
1,221 |
|
109 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Preference A have the following rights, preferences and restrictions: |
|
Preference B have the following rights, preferences and restrictions: |
|
Preference C have the following rights, preferences and restrictions: |
|
Preference D have the following rights, preferences and restrictions: |
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Loans and borrowings |
|
31 December |
31 December |
31 December |
|
|
Current loans and borrowings |
|||
|
Convertible debt |
- |
|
1,152,850 |
|
Other borrowings |
|
|
88,296 |
|
|
|
1,241,146 |
|
The company's exposure to market and liquidity risks, including maturity analysis, relating to loans and borrowings is disclosed in note 16 "Financial risk review".
|
Trade and other payables |
|
Current liabilities |
31 December |
31 December |
|
Trade payables |
|
|
|
Accrued expenses |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
Other payables |
|
|
|
|
|
The company's exposure to market and liquidity risks, including maturity analysis, relating to trade and other payables is disclosed in note 16 "Financial risk review".
|
Financial risk review |
This note presents information about the company’s exposure to financial risks and the company’s management of capital.
Market risk
The company's definition of market risk is The company is exposed to market risk (including foreign currency risk), credit risk and liquidity risk in the normal course of business. These risks are limited by the company's financial management policies and practices as described below. There has been no change to the comapny's exposure to financial risks or the manner in which these risks are managed..
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Foreign exchange risk |
The company is exposed to market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk in the normal course of business. These risks are limited by the company's financial management policies and practices. There has been no change to the company's exposure to financial risks or the manner in which these risks are managed.
The company manages its exposure to foreign exchange risk using financial management policies and using bank accounts in the local currency to conduct the majority of transactions mitigating transactional exchange differences.
The company has exposure to foreign currency risk through its activities in several jurisdictions and the presentation of the year end accounts in Sterling although the majority of transactions are completed in Euro.
Sensitivity analysis
It is estimated that a general increase/decrease of 1% in the value of Sterling against the Euro, with all other variables held constant, would decrease/increase the company's current asset value by approximately £48,750.
|
Other specific risk |
In order to minimse credit risk, the company has adopted a policy of only dealing with credit worthy counterparties (banks and debtrs) and it obtains sufficient collateral, whre appropriate to mitigate the risk of financial loss from defaults. The company at the year end had no credit risk related to customers as sales had not commenced at this point.
To mitigate liquidity risk the directors regularly monitor forecast and actual cash flows as well as using ratio analysis to ensure proper liquidity risk management and to maintain adequate reserves, and borrowing facilities. the company currently has no long term material creditors and as such all creditors have been included as current.
|
Capital risk management |
Capital management
The company is not subject to either internally or externally imposed capital requirements. The company's objective when managing capital is to provide sufficient resources to allow the continued investment in manufacturing and development and to safeguard the company's ability to continue as a going concern.
The company manages capital by regularly monitoring its current and expected liquidity requirements.
No changes were made in the objectives, policies and processes during the current or prevous year.
PD Neurotechnology Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
|
Related party transactions |
Key management personnel
|
Transactions with directors |
|
Loans, transactions and guarantees with directors |
|
2023 |
At 1 January 2023 |
Other payments made to company by director |
At 31 December 2023 |
|
N Moschos |
|||
|
Provision of a working facility with no interest or flexible repayment installments |
|
240,668 |
|
|
2022 |
At 1 January 2022 |
Other payments made to company by director |
At 31 December 2022 |
|
N Moschos |
|||
|
Provision of a working facility with no interest or flexible repayment installments |
43,178 |
90,405 |
|
Expenditure with and payables to related parties
|
2023 |
|
|
|
2022 |
Key management |
|
Rendering of services |
|
|
|
|
PD Neurotechnology Limited
Detailed Income Statement for the Year Ended 31 December 2023
|
As at |
As at |
|
|
Revenue (analysed below) |
2,494,744 |
1,215,313 |
|
Cost of sales (analysed below) |
(79,491) |
(36,571) |
|
Gross profit |
2,415,253 |
1,178,742 |
|
Gross profit (%) |
96.81% |
96.99% |
|
Administrative expenses (analysed below) |
(2,048,660) |
(1,164,738) |
|
Other operating income (analysed below) |
101,767 |
116,832 |
|
Operating profit |
468,360 |
130,836 |
|
Finance income (analysed below) |
7 |
6 |
|
Finance costs (analysed below) |
(3,661) |
(13,760) |
|
Net finance cost |
(3,654) |
(13,754) |
|
Profit before tax |
464,706 |
117,082 |
PD Neurotechnology Limited
Detailed Income Statement for the Year Ended 31 December 2023
|
As at |
As at |
|
Revenue |
||
|
Sales |
2,494,744 |
1,215,313 |
|
Cost of sales |
||
|
Opening finished goods |
697,209 |
423,985 |
|
Materials |
44,497 |
169,081 |
|
Direct costs |
55,504 |
57,407 |
|
Closing finished goods |
(809,375) |
(697,209) |
|
Wages and salaries |
87,357 |
78,907 |
|
Depreciation of plant and machinery |
4,299 |
4,400 |
|
79,491 |
36,571 |
|
Administrative expenses |
||
|
Wages and salaries |
1,122,900 |
608,108 |
|
Staff pensions (Defined contribution) |
1,350 |
- |
|
Staff training |
3,262 |
783 |
|
Staff welfare |
1,030 |
- |
|
Rent |
24,738 |
7,868 |
|
Light, heat and power |
10,573 |
6,440 |
|
Insurance |
14,770 |
33,548 |
|
Repairs and maintenance |
6,758 |
18,702 |
|
Telephone and fax |
7,892 |
6,040 |
|
Office expenses |
8,880 |
2,273 |
|
Computer software and maintenance costs |
20,861 |
4,189 |
|
Printing, postage and stationery |
7,331 |
14,153 |
|
Trade subscriptions |
18,418 |
35,251 |
|
Charitable donations |
3,880 |
- |
|
Sundry expenses |
1,898 |
(1,193) |
|
Cleaning |
3,469 |
2,092 |
|
Research and development |
46,858 |
48,587 |
|
Motor expenses |
28,319 |
20,354 |
|
Travel and subsistence |
109,060 |
92,561 |
|
Advertising |
37,819 |
90,512 |
|
Entertaining |
2,939 |
633 |
|
Accountancy fees |
25,395 |
17,772 |
|
Auditor's remuneration - The audit of the company's annual accounts |
19,752 |
- |
|
Consultancy fees |
- |
12,734 |
PD Neurotechnology Limited
Detailed Income Statement for the Year Ended 31 December 2023
|
As at |
As at |
|
Legal and professional fees |
396,410 |
42,104 |
|
Bad debts written off |
(679) |
- |
|
Bank charges |
2,066 |
2,475 |
|
Amortisation of development costs |
75,270 |
11,074 |
|
Depreciation of plant and machinery |
47,441 |
87,678 |
|
2,048,660 |
1,164,738 |
|
Other operating income |
||
|
Grants and subsidies |
53,535 |
- |
|
Government grants receivable |
48,232 |
116,832 |
|
101,767 |
116,832 |
|
Finance income |
||
|
Bank interest receivable |
7 |
6 |
|
Finance costs |
||
|
Foreign currency (gains)/losses |
3,238 |
13,760 |
|
Bank interest payable |
423 |
- |
|
3,661 |
13,760 |