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.

The company currently maintains sufficient cash reserves to meet all existing liabilities as they fall due. In making their going concern assessment, the directors have reviewed cash flow forecasts covering a period of at least twelve months from the date of the approval of these financial statements. Being an early-stage pre-revenue business, these forecasts show that the company will require additional funding to meet certain operational and strategic objectives. While the directors are in discussions with potential investors and considering a major grant application, no formal funding commitments are in place at this time. The directors have developed a contingency plan which appropriately addresses the scenario of further funding not being secured within the short term – this would see a reduction in operational expenditure. Having considered relevant factors and a range of likely scenarios, the directors believe that the company will be able to continue in operational existence for the foreseeable future and as such the use of the going concern basis of preparation is appropriate.

Research expenditure is written off in the year in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial, and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Amortisation of intangible fixed assets is calculated so as to write off the cost of each asset, less its residual value, over the useful economic life of that asset.

Tangible assets are initially recorded at cost, and are subsequently stated at cost less accumulated depreciation.

Depreciation is calculated so as to write off the cost of each asset, less its residual value, over the useful economic life of that asset. Useful economic life used for this policy varies between 3-5 years.