| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Saccade Diagnostics Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Saccade Diagnostics Limited |
| Saccade Diagnostics Limited (Registered number: SC475291) |
| 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 |
| Saccade Diagnostics Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 3 |
| Morris Park |
| 37 Rosyth Road |
| Glasgow |
| G5 0YE |
| BANKERS: |
| 36 St Andrew Square |
| Edinburgh |
| EH2 2AD |
| Saccade Diagnostics Limited (Registered number: SC475291) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Saccade Diagnostics Limited (Registered number: SC475291) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Saccade Diagnostics Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Tangible fixed assets |
| Computer equipment | - |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-putative ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within ore year), including loans and other accounts receivable end payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective Interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement's of a short-term Instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence ot impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement or Income and Retained Earnings. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount end the present value of estimated cash flows discounted at the asset's original erective interest rate. if a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate or the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| 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. |
| Saccade Diagnostics Limited (Registered number: SC475291) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institution repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Interest income |
| Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method. |
| Borrowing costs |
| All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Social security and other taxes |
| Pension liability | - | 67 |
| Net wages control | (355 | ) | - |
| Directors' current accounts | 17,000 | - |
| Accrued expenses |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other loans - 2-5 years |
| Saccade Diagnostics Limited (Registered number: SC475291) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | OTHER LOAN |
| The lender, The Wellcome Trust Limited, may demand repayment of the full amount or part of the loan together with accrued interest at any time after 11 June 2018 and in other certain circumstances being sale, listing and an event of default. |
| The other loan is also convertible to equity at the discretion of The Wellcome Trust Limited at any time. |
| If The Wellcome Trust Limited elects that the company shall repay the loan, accrued interest shall be added to the amount of the loan, calculated at 2% per annam above the three month Stirling LIBOR. |
| £275,324 (2023 - £275,324) of the total loan advanced has been released to the Statement of Income and Retained Earnings so far and was recorded within other operating income. The amount released to the Statement of Income and Retained Earnings may become repayable in the future subject to certain conditions crystallising. At this stage the directors are not able to estimate any probable outflow and as such no provision has been made in the financial statements for any future obligation which may arise. |