1.
General Information
Glyconics Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08742201
. The registered office is B4 Parkside Knowledge Gateway, Nesfield Road, Colchester, Essex, CO4 3ZL.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The Directors have considered the financial position of the Company and its ability to continue as a going concern on the basis that there are active discussions with reference to further investment being made available to complete the BSI submission for CE marking and review process..
Based on this planned trajectory, together with the Directors’ reasonable expectations regarding the timing and availability of further funding, the Directors have concluded that it remains appropriate to prepare the financial statements on a going concern basis.
2.3.
Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research and development is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
The directors are not currently amortising these assets, given that the asset is yet to deliver commercial values as they are still in the build phase.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Computer Equipment |
|
2.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Glyconics Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2025: 4)
4.
Intangible Assets
| Development Costs | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 April 2025 |
|
||
| Additions |
|
||
| As at 31 March 2026 |
|
||
| Net Book Value | |||
| As at 31 March 2026 |
|
||
| As at 1 April 2025 |
|
||
Glyconics Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
5.
Tangible Assets
| Plant & Machinery | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 April 2025 |
|
|
|
| Disposals |
( |
( |
( |
| As at 31 March 2026 |
|
|
|
| Depreciation | |||
| As at 1 April 2025 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
( |
( |
( |
| As at 31 March 2026 |
|
|
|
| Net Book Value | |||
| As at 31 March 2026 |
|
|
|
| As at 1 April 2025 |
|
|
|
6.
Investments
| Subsidiaries | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 April 2025 |
|
| Additions |
|
| As at 31 March 2026 |
|
| Provision | |
| As at 1 April 2025 |
|
| As at 31 March 2026 |
|
| Net Book Value | |
| As at 31 March 2026 |
|
| As at 1 April 2025 |
|
Investment in Glyconics Europe Ab which is wholly owned subsidiary to Glyconics Ltd
The Company holds the following investment in a subsidiary undertaking:
Name of Subsidiary : Glyconics Europe Ab
Country of Incorporation : Helsinki, Finland
Class of Share : 100 Shares
% Held : 100%
Principal Activity : Medical Research and Development
Carrying Amount : €40,000.00
7.
Stocks
| 31 March 2026 | 31 March 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
Glyconics Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
8.
Debtors
| 31 March 2026 | 31 March 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
|
|
|
| Corporation tax recoverable assets |
|
|
|
| VAT |
|
|
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| Amounts owed by subsidiaries |
|
|
|
|
|
|
||
9.
Creditors: Amounts Falling Due Within One Year
| 31 March 2026 | 31 March 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other taxes and social security |
|
|
|
| Net wages | 6,370 | - | |
| Barclaycard Business |
|
|
|
| Pension Payable |
|
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| Accruals and deferred income |
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| Amounts owed to related parties |
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11.
Related Party Transactions
|
2026
|
2025
|
||
|
£
|
£
|
||
|
B Clarke
|
4,316
|
4,316
|
|
|
S Smart
|
50
|
50
|
|
|
K Pooni
|
4,466
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
4,466
|
|
|
8,832
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
8,832
|
At the year end, the company owed £8,832 in total to three directors, two of which resigned as director pre year end and K Pooni resigned as director post year end, but remain shareholders of the company.
The loans are unsecured, interest-free, and repayable only when the company’s financial performance and cash resources allow. The former directors have agreed not to seek repayment where this would compromise wages, creditor payments, or normal operations.
As no contractual repayment dates exist, the balances have been classified as non-current liabilities.