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REGISTERED NUMBER: SC745604 (Scotland)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLEN CLOVA SCIENTIFIC LIMITED

GLEN CLOVA SCIENTIFIC LIMITED (REGISTERED NUMBER: SC745604)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GLEN CLOVA SCIENTIFIC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: J P Foerster
Dr D N Galbraith
D M Lawrence
Dr S J Powell





REGISTERED OFFICE: 272 Bath Street
Glasgow
Lanarkshire
G2 4JR





REGISTERED NUMBER: SC745604 (Scotland)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

GLEN CLOVA SCIENTIFIC LIMITED (REGISTERED NUMBER: SC745604)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Tangible assets 4 135,550 -

CURRENT ASSETS
Debtors 5 67,617 1,380
Cash at bank 2,043,245 101
2,110,862 1,481
CREDITORS
Amounts falling due within one year 6 82,911 33,702
NET CURRENT ASSETS/(LIABILITIES) 2,027,951 (32,221 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,163,501

(32,221

)

CAPITAL AND RESERVES
Called up share capital 7 437 100
Share premium 3,010,292 -
Retained earnings (847,228 ) (32,321 )
SHAREHOLDERS' FUNDS 2,163,501 (32,221 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:





Dr S J Powell - Director


GLEN CLOVA SCIENTIFIC LIMITED (REGISTERED NUMBER: SC745604)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Glen Clova Scientific Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The previous year was prepared for the period of incorporation to 31 December 2023. The comparative figures are therefore not entirely comparable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery - 3 - 5 years on cost


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 substantively enacted by the balance sheet date.


GLEN CLOVA SCIENTIFIC LIMITED (REGISTERED NUMBER: SC745604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
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 substantively 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
Additions 146,825
At 31 December 2024 146,825
DEPRECIATION
Charge for year 11,275
At 31 December 2024 11,275
NET BOOK VALUE
At 31 December 2024 135,550

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 67,617 1,380

GLEN CLOVA SCIENTIFIC LIMITED (REGISTERED NUMBER: SC745604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 26,481 9,251
Taxation and social security 25,704 -
Other creditors 30,726 24,451
82,911 33,702

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal Value: 2024 2023
£    £   
1,380,220 Ordinary £0.0001 138 100
2,037,263 A Ordinary £0.0001 204 -
318,798 B1 Ordinary £0.0001 31 -
188,255 B3 Ordinary £0.0001 19 -
8,768 B4 Ordinary £0.0001 1 -
1 C Ordinary £0.0001 - -
1 D Ordinary £0.0001 - -
432,102 E Ordinary £0.0001 43 -
4,362,408 436 100


During the year, the Company issued the following shares:



Class:
Number of
shares
Total
consideration
£   
Ordinary 380,220 38
A Ordinary 2,037,263 2,383,678
B1 Ordinary 315,798 369,484
B3 Ordinary 188,255 220,258
B4 Ordinary 8,768 10,259
C Ordinary 1 1
D Ordinary 1 1
E Ordinary 432,102 505,559

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Thomas FCCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

GLEN CLOVA SCIENTIFIC LIMITED (REGISTERED NUMBER: SC745604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. POST BALANCE SHEET EVENTS

After the balance sheet date, the Company has issued an additional 92,146 A Ordinary shares for a total consideration of £107,811.

After the balance sheet date, the Company has issued an additional 201,960 B1 Ordinary shares for a total consideration of £236,293.

After the balance sheet date, the Company has issued an additional 108,748 B3 Ordinary shares for a total consideration of £127,235.

11. ULTIMATE CONTROLLING PARTY

The company has no one ultimate controlling party.

12. SHARE-BASED PAYMENT TRANSACTIONS

The Company operates a HMRC approved equity-settled EMI scheme for certain employees of Glen Clova Scientific Limited. During the year, the Company granted 115,000 share options. At the balance sheet date, the number of share under option was 115,000. The options remain exercisable for up to 10 years from the grant date.

During the year, the Company also granted 185,350 share options to certain employees under an equity-settled share-based payment arrangement. The options are exercisable only upon the occurrence of an exit event and subject to performance conditions being met. These options are not a HMRC approved equity-settled EMI scheme.

The fair value of the options granted was determined at the grant date using an appropriate option pricing model, taking into account relevant market and performance conditions.

The fair value of the share options is considered to be immaterial to the Company and on this basis the directors have not recognised a charge in the profit and loss account for share based payments.