Registered number
07573593
Videregen Limited
Filleted Accounts
31 March 2025
Videregen Limited
Company Information
for the Year Ended 31 March 2025
Directors
Dr S Bloor (resigned 20 May 2025)
Mr D J Quinn (resigned 4 November 2024)
Mr M Hunt (resigned 4 November 2024)
Mr P G Felix
Deepbridge NED Limited (appointed 4 November 2024)
Bankers
HSBC plc
99 - 101 Lord Street
Liverpool
Merseyside
L2 6PG
Registered office
Nexus
Discovery Way
University of Leeds
Leeds
LS2 3AA
Registered number
07573593
Videregen Limited
Registered number: 07573593
Statement of Financial Position
31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 5 23,000 23,000
Tangible assets 6 14,781 22,171
37,781 45,171
Current assets
Debtors 7 100,043 223,219
Cash at bank and in hand 27,861 325,656
127,904 548,875
Creditors: amounts falling due within one year 8 (153,551) (173,766)
Net current (liabilities)/assets (25,647) 375,109
Net assets 12,134 420,280
Capital and reserves
Called up share capital 10 2,584 2,559
Share premium 10 5,434,955 5,370,148
Profit and loss account (5,425,405) (4,952,427)
Shareholders' funds 12,134 420,280
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Peter Gareth Felix
Director
Approved by the board on 12 August 2025
Videregen Limited
Notes to the Accounts
for the Year Ended 31 March 2025
1 Statutory information
Videregen Limited is a private company limited by shares and incorporated in England. Its registered office is:
Nexus
Discovery Way
University of Leeds
Leeds
LS2 3AA
2 Accounting policies
Basis of preparing the financial information
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going concern
The Company has reduced its cost base such that it can maintain its operations and scientific progress whilst continuing to seek external investment or a realisation of value. In support of this, investment funding was received immediately after the year end. Between its current cash resources and the continued support of its lead investor, the directors have a reasonable expectation that the company can continued to support its activities for the next 12 months. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Research and development costs
Research expenditure is written off to the income statement in the year in which it is incurred.

Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

No development expenditure has met the criteria for capitalisation since the year ended 31st March 2012.
Other intangible assets
Payments related to the acquisition of patents, or rights to a product or technology, are capitalised as intangible assets if it is probable that future economic benefits from the asset will flow to the entity and the cost of the asset can be reliably measured.

Amortisation will be provided on capitalised IP so as to write off the cost, less any residual value, over its expected economic life, from the commencement of commercialisation. Current capitalised IP relates to a licence agreement signed in the year ended 31st March 2019 for a product which has not yet reached commercial sales, so is not currently being amortised.

Amortisation of capitalised patent costs is calculated using the straight line method to allocate the cost of the patents over their estimated useful life of ten years once the patents have been granted.
Property, plant and equipment
Property, plant and equipment consists of laboratory and office equipment, and is stated at historical cost less depreciation.

Depreciation on these assets is calculated using the reducing balance method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, with a full year's depreciation in the purchase year, as follows:
Plant and equipment 25% per annum
Government grants
Government grants in relation to expenditure are credited when the expenditure is charged to profit and 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 substantially enacted by the balance sheet date.
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 substantially 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.
Pension costs
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
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Leased assets
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Employees and directors 2025 2024
Number Number
Average number of persons employed by the company 5 5
4 Operating loss 2025 2024
£ £
The operating loss is stated after charging / (crediting)
Fixed asset depreciation 7,390 7,390
Patents amortisation 0 2,036
5 Taxation
Analysis of the tax credit
Income taxes recognised in the income statement
2025 2024
£ £
Current tax:
Tax on above the line tax credits - (11,451)
R&D tax credit 51,763 -
Changes to prior year tax credits - (1,836)
51,763 (13,287)
Reconciliation of total tax credit included in profit and loss
The tax charge for each period can be reconciled to the loss per the income statement as follows:
2025 2024
£ £
Loss before tax (524,741) (474,631)
Standard rate of corporation tax in the UK 25% 25%
Loss multiplied by the standard rate of corporation tax in the UK (131,185) (118,658)
Effects of:
Disallowables 6,975 7,022
Capital allowances - (788)
R&D tax credit adjustments (93,028) 15,095
Losses surrendered 89,248 (3,199)
Unused tax losses carried forward 76,227 113,814
(51,763) 13,287
The Company has a deferred tax asset of £1,226,535 at the period end, which has not been recognised in the financial statements due to uncertainty of future profits. The Company has an estimated tax loss of £4,906,141 available to be carried forward against future profits
5 Intangible fixed assets £
Goodwill: Capitalised IP Patents Development costs Total
£ £ £ £
Cost
At 1 April 2024 23,000 20,362 1,350 44,712
At 31 March 2025 23,000 20,362 1,350 44,712
Amortisation
At 1 April 2024 - 20,362 1,350 21,712
At 31 March 2025 - 20,362 1,350 21,712
Net book value
At 31 March 2025 23,000 - - 23,000
At 31 March 2024 23,000 - - 23,000
6 Property, plant and equipment
Plant and machinery
£
Cost
At 1 April 2024 49,650
At 31 March 2025 49,650
Depreciation
At 1 April 2024 27,479
Charge for the year 7,390
At 31 March 2025 34,869
Net book value
At 31 March 2025 14,781
At 31 March 2024 22,171
7 Debtors: amounts falling due within one year 2025 2024
£ £
Other debtors 7,709 13,097
Tax 86,115 74,912
Prepayments and accrued income 6,219 135,210
100,043 223,219
Corporation tax recoverable relates to tax credits claimable for Research & Development.
8 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 10,413 39,643
Social security and other taxes 5,766 8,062
Accruals 137,372 126,061
153,551 173,766
9 Leasing agreements 2025 2024
£ £
Minimum lease payments under non-cancellable operating leases fall due as follows: 10,494 10,089
10 Called up share capital
Called up share capital Share
premium
No. of shares £ £
Allotted, issued and fully paid
Ordinary shares of par value of £1 each
As at 1 April 2023 248,336 2,483 5,170,912
Shares issued in year 7,564 76 199,236
As at 31 March 2024 255,900 2,559 5,370,148
Shares issued in year 2,484 25 64,807
At 31 March 2025 258,384 2,584 5,434,955
During the year 2,484 ordinary shares (2024: 7,564) of £0.01 each were issued fully paid for cash at £29.00 each (2023: £29.00).
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.
Called-up share capital represents the nominal value of shares that have been issued.
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
11 Events after the reporting date
On 3rd April 2025 the company issued 1,779 ordinary shares of £0.01. All shares were fully paid for cash at £29.00 per share and formed part of the Company’s ongoing equity fundraising.
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