Balance sheet continued

As at 31 December 2024

	Notes	2024 £	18 months to 31 Dec 2023 £
Capital and reserves
Called up share capital:		120	120
Profit and loss account:		( 1,182,490 )	( 713,321 )
Shareholders funds:		( 1,182,370 )	( 713,201 )

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
  The following principal accounting policies have been applied:
  
  GOING CONCERN
  The Company incurred a loss during the period and has a net liabilities position at the period end amounting to £ (2023 - £713,201). The financial statements have been prepared on the going concern basis which assumes that the Company will continue to receive fiancial support from the parent company to provide sufficient funds to enable the Company to meet its liabilities as they fall due. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.

  Turnover policy

  Turnover comprises revenue recognised by the Company in respect of project management and consultancy services during the year, exclusive of Value Added Tax.
  Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  - the amount of revenue can be measured reliably;
  - it is probable that the Company will receive the consideration due under the contract;
  - the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
  - the costs incurred and the costs to complete the contract can be measured reliably