GLYCONICS LIMITED

2019-04-012020-03-312020-03-31false08742201GLYCONICS LIMITED2020-09-11iso4217:GBPxbrli:pure087422012019-04-01087422012020-03-31087422012019-04-012020-03-31087422012018-04-01087422012019-03-31087422012018-04-012019-03-3108742201bus:SmallEntities2019-04-012020-03-3108742201bus:AuditExempt-NoAccountantsReport2019-04-012020-03-3108742201bus:AbridgedAccounts2019-04-012020-03-3108742201bus:PrivateLimitedCompanyLtd2019-04-012020-03-3108742201core:WithinOneYear2020-03-3108742201core:AfterOneYear2020-03-3108742201core:WithinOneYear2019-03-3108742201core:AfterOneYear2019-03-3108742201core:ShareCapital2020-03-3108742201core:SharePremium2020-03-3108742201core:RevaluationReserve2020-03-3108742201core:OtherReservesSubtotal2020-03-3108742201core:RetainedEarningsAccumulatedLosses2020-03-3108742201core:ShareCapital2019-03-3108742201core:SharePremium2019-03-3108742201core:RevaluationReserve2019-03-3108742201core:OtherReservesSubtotal2019-03-3108742201core:RetainedEarningsAccumulatedLosses2019-03-3108742201core:LandBuildings2020-03-3108742201core:PlantMachinery2020-03-3108742201core:Vehicles2020-03-3108742201core:FurnitureFittings2020-03-3108742201core:OfficeEquipment2020-03-3108742201core:NetGoodwill2020-03-3108742201core:IntangibleAssetsOtherThanGoodwill2020-03-3108742201core:ListedExchangeTraded2020-03-3108742201core:UnlistedNon-exchangeTraded2020-03-3108742201core:LandBuildings2019-03-3108742201core:PlantMachinery2019-03-3108742201core:Vehicles2019-03-3108742201core:FurnitureFittings2019-03-3108742201core:OfficeEquipment2019-03-3108742201core:NetGoodwill2019-03-3108742201core:IntangibleAssetsOtherThanGoodwill2019-03-3108742201core:ListedExchangeTraded2019-03-3108742201core:UnlistedNon-exchangeTraded2019-03-3108742201core:LandBuildings2019-04-012020-03-3108742201core:PlantMachinery2019-04-012020-03-3108742201core:Vehicles2019-04-012020-03-3108742201core:FurnitureFittings2019-04-012020-03-3108742201core:OfficeEquipment2019-04-012020-03-3108742201core:NetGoodwill2019-04-012020-03-3108742201core:IntangibleAssetsOtherThanGoodwill2019-04-012020-03-3108742201core:ListedExchangeTraded2019-04-012020-03-3108742201core:UnlistedNon-exchangeTraded2019-04-012020-03-3108742201core:MoreThanFiveYears2019-04-012020-03-3108742201core:Non-currentFinancialInstruments2020-03-3108742201core:Non-currentFinancialInstruments2019-03-3108742201dpl:CostSales2019-04-012020-03-3108742201dpl:DistributionCosts2019-04-012020-03-3108742201dpl:AdministrativeExpenses2019-04-012020-03-3108742201core:LandBuildings2019-04-012020-03-3108742201core:PlantMachinery2019-04-012020-03-3108742201core:Vehicles2019-04-012020-03-3108742201core:FurnitureFittings2019-04-012020-03-3108742201core:OfficeEquipment2019-04-012020-03-3108742201dpl:GroupUndertakings2019-04-012020-03-3108742201dpl:ParticipatingInterests2019-04-012020-03-3108742201dpl:GroupUndertakingscore:ListedExchangeTraded2019-04-012020-03-3108742201core:ListedExchangeTraded2019-04-012020-03-3108742201dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2019-04-012020-03-3108742201core:UnlistedNon-exchangeTraded2019-04-012020-03-3108742201dpl:CostSales2018-04-012019-03-3108742201dpl:DistributionCosts2018-04-012019-03-3108742201dpl:AdministrativeExpenses2018-04-012019-03-3108742201core:LandBuildings2018-04-012019-03-3108742201core:PlantMachinery2018-04-012019-03-3108742201core:Vehicles2018-04-012019-03-3108742201core:FurnitureFittings2018-04-012019-03-3108742201core:OfficeEquipment2018-04-012019-03-3108742201dpl:GroupUndertakings2018-04-012019-03-3108742201dpl:ParticipatingInterests2018-04-012019-03-3108742201dpl:GroupUndertakingscore:ListedExchangeTraded2018-04-012019-03-3108742201core:ListedExchangeTraded2018-04-012019-03-3108742201dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2018-04-012019-03-3108742201core:UnlistedNon-exchangeTraded2018-04-012019-03-3108742201core:NetGoodwill2020-03-3108742201core:IntangibleAssetsOtherThanGoodwill2020-03-3108742201core:LandBuildings2020-03-3108742201core:PlantMachinery2020-03-3108742201core:Vehicles2020-03-3108742201core:FurnitureFittings2020-03-3108742201core:OfficeEquipment2020-03-3108742201core:AfterOneYear2020-03-3108742201core:WithinOneYear2020-03-3108742201core:ListedExchangeTraded2020-03-3108742201core:UnlistedNon-exchangeTraded2020-03-3108742201core:ShareCapital2020-03-3108742201core:SharePremium2020-03-3108742201core:RevaluationReserve2020-03-3108742201core:OtherReservesSubtotal2020-03-3108742201core:RetainedEarningsAccumulatedLosses2020-03-3108742201core:NetGoodwill2019-03-3108742201core:IntangibleAssetsOtherThanGoodwill2019-03-3108742201core:LandBuildings2019-03-3108742201core:PlantMachinery2019-03-3108742201core:Vehicles2019-03-3108742201core:FurnitureFittings2019-03-3108742201core:OfficeEquipment2019-03-3108742201core:AfterOneYear2019-03-3108742201core:WithinOneYear2019-03-3108742201core:ListedExchangeTraded2019-03-3108742201core:UnlistedNon-exchangeTraded2019-03-3108742201core:ShareCapital2019-03-3108742201core:SharePremium2019-03-3108742201core:RevaluationReserve2019-03-3108742201core:OtherReservesSubtotal20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GLYCONICS LIMITED

Registered Number
08742201
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 March 2020

GLYCONICS LIMITED

Company Information


Registered Address	Trafalgar House
	Meridian Business Park
	Norwich
	NR7 0TA

GLYCONICS LIMITED

Balance Sheet as at
31 March 2020

	Notes	2020 £	2019 £
Fixed assets
Intangible assets	5	521,287	129,471
Tangible assets	6	2,348	894
Current assets
Debtors		202,285	105,387
Cash at bank and on hand		238,246	80,414
Creditors amounts falling due within one year	9	(159,800)	(71,522)
Net current assets (liabilities)		280,731	114,279
Total assets less current liabilities		804,366	244,644
Net assets		804,366	244,644
Capital and reserves
Called up share capital		169	122
Share premium		1,022,988	293,616
Profit and loss account		(218,791)	(49,094)
Shareholders' funds		804,366	244,644

The company is a private company limited by shares and registered in England and Wales. It was entitled to exemption from audit 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.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 11 September 2020, and are signed on its behalf by:

POONI, Gurkanwal Singh
Director
Registered Company No. 08742201

GLYCONICS LIMITED

Notes to the financial statements
for the year ended 31 March 2020

1.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

2.	PRINCIPAL ACTIVITIES
	The principal activity of the company during the year continued to be developing a medical device to improve COPD outcomes for patients.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Grant income received is treated as Other operating income

	Property, plant and equipment policy
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

		Straight line (years)
	Fixtures and fittings	4
	Office Equipment	4

	Intangible assets policy
	Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Going concern
	The Directors have considered whether the going concern basis is an appropriate basis on which to prepare the financial statements. There is not significant uncertainty as to whether the company will continue to trade, and accordingly the going concern basis of accounting is considered to be appropriate

3.	PRIOR PERIOD AND POLICY CHANGE ADJUSTMENTS
	With the increased investment in developing the science, the directors have decided to change the basis of accounting for spend on the development of the science and also spend on patents, insomuch that such spend is now capitilised onto the balance sheet and amortised over the life of the asset over a time frame that the Directors believe that the asset is earning value. The directors are committed to reviewing the asset residual values on an annual basis and will impair any values as necessary. As a consequence of this change in policy, the comparative balances for 2019 have been restated.

PRIOR PERIOD AND POLICY CHANGE ADJUSTMENTS

With the increased investment in developing the science, the directors have decided to change the basis of accounting for spend on the development of the science and also spend on patents, insomuch that such spend is now capitilised onto the balance sheet and amortised over the life of the asset over a time frame that the Directors believe that the asset is earning value.  The directors are committed to reviewing the asset residual values on an annual basis and will impair any values as necessary.  As a consequence of this change in policy, the comparative balances for 2019 have been restated.

4.	EMPLOYEE INFORMATION

		2020		2019
	Average number of employees during the year	2		0

5.	INTANGIBLE ASSETS
	Amoritisation is assess on a project to project basis and amortisation over 5-10 years

		Total £
	Cost or valuation
	At 01 April 19	129,471
	Additions	391,816
	At 31 March 20	521,287
	Net book value
	At 31 March 20	521,287
	At 31 March 19	129,471

6.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 April 19	13,146
	Additions	1,748
	At 31 March 20	14,894
	Depreciation and impairment
	At 01 April 19	12,252
	Charge for year	294
	At 31 March 20	12,546
	Net book value
	At 31 March 20	2,348
	At 31 March 19	894

7.	FURTHER INFORMATION REGARDING THE COMPANY'S FINANCIAL POSITION
	Controlling party The directors do not consider that any person or group of persons acting in concert has a controlling stake, and accordingly there is no ultimate controlling party.

8.	DEBTORS WITHIN ONE YEAR
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS WITHIN ONE YEAR

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2020 £	2019 £
Other debtors	121,193	24,295
Prepayments and accrued income	81,092	81,092
Total	202,285	105,387

9.	CREDITORS WITHIN ONE YEAR
	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.

	2020 £	2019 £
Trade creditors / trade payables	133,883	36,506
Other creditors	15,267	24,366
Accrued liabilities and deferred income	10,650	10,650
Total	159,800	71,522