CuanTec Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC531370 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

CuanTec Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr C Green

Mr D S Mundie

Dr S White

Dr E M Mitchell

REGISTERED OFFICE:

C/O Bell Barr & Company

2 Stewart Street

Milngavie

Glasgow

G62 6BW

REGISTERED NUMBER:

SC531370 (Scotland)

ACCOUNTANTS:

Bell Barr & Company

Chartered Accountants

2 Stewart Street

Milngavie

Glasgow

G62 6BW

FIXED ASSETS

Intangible assets

4

204,266

-

Tangible assets

5

85,615

20,438

289,881

20,438

CURRENT ASSETS

Debtors

6

79,242

25,852

Cash at bank

534,982

96,064

614,224

121,916

CREDITORS

Amounts falling due within one year

7

33,569

310,479

NET CURRENT ASSETS/(LIABILITIES)

580,655

(188,563

)

TOTAL ASSETS LESS CURRENT LIABILITIES

870,536

(168,125

)

CREDITORS

Amounts falling due after more than one year

8

32,921

47,275

NET ASSETS/(LIABILITIES)

837,615

(215,400

)

CAPITAL AND RESERVES

Called up share capital

237

158

Share premium

1,519,939

99,697

Retained earnings

(682,561

)

(315,255

)

837,615

(215,400

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2020 and were signed on its behalf by:

Mr D S Mundie - Director

1.	STATUTORY INFORMATION

CuanTec Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have reviewed the company's operating costs for the next twelve months and the sources of funds

available. The directors have a strategy to secure future funding and this should enable the company to meet all

liabilities as they fall due for a period of at least twelve months from the date of approval of these financial

statements. The financial statements are therefore prepared on the going concern basis.

Intangible assets

Development costs that meet the recognition criteria of FRS 102 are capitalised at cost and amortised over the

useful economic life of the asset to which they relate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings & equipment

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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

substantively 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 substantively 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.

Research and development

Expenditure on research is written off in the year in which it is incurred. Development expenditure is written off

in the same way unless certain strict criteria are met for capitalisation. Before expenditure on the development of

an asset can be capitalised the directors must be satisfied that the asset is separately identifiable, technically,

commercially and financially feasible and that the asset will generate probable future economic benefits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

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.

Cash at bank

Cash at bank represents short term highly liquid investments with a maturity of three months or less from the date

of acquisition or opening of the account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

Additions

204,266

At 30 April 2020

204,266

NET BOOK VALUE

At 30 April 2020

204,266

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Computer

& equipment

equipment

Totals

£

£

£

COST

At 1 May 2019

23,764

2,196

25,960

Additions

78,604

2,433

81,037

At 30 April 2020

102,368

4,629

106,997

DEPRECIATION

At 1 May 2019

4,439

1,083

5,522

Charge for year

14,690

1,170

15,860

At 30 April 2020

19,129

2,253

21,382

NET BOOK VALUE

At 30 April 2020

83,239

2,376

85,615

At 30 April 2019

19,325

1,113

20,438

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Other debtors

79,242

25,852

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade creditors

893

6,079

Taxation and social security

9,826

4,296

Other creditors

22,850

300,104

33,569

310,479

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.20

30.4.19

£

£

Other creditors

32,921

47,275

9.	SHARE-BASED PAYMENT TRANSACTIONS

During the year ended 30 April 2020 the company introduced three share option schemes, two under the

Enterprise Management Incentive scheme plus one unapproved scheme. No consideration was received and the

options can be exercised upon an exit event. The option period is 10 years.

Exercise

Number of Options

Grant Date

Price

30.04.19

Granted

30.04.20

EMI Options

20 March 2020

£0.01

-

316

316

6 April 2020

£0.01

-

2,321

2,321

Non EMI Options

6 April 2020

£0.01

-

474

474

No charge in respect of share options has been recognised in the financial statements as, in the opinion of the

directors, the amounts involved are not material.