| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| GLEN CLOVA SCIENTIFIC LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 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 |
| Taxation and social security |
| Other creditors |
| 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. |
| for and on behalf of |
| 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. |