Neurotherapeutics Ltd
Neurotherapeutics Ltd
Registered number: 13198315
Financial Statements
For the Period
12 February 2021
to
31 December 2021
AVL Business Advisory Limited
Neurotherapeutics Ltd
Financial Statements
For the Period
12 February 2021
to
31 December 2021
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1 |
Statement of Changes in Equity | 2 |
Notes to the Financial Statements | 3—7 |
Neurotherapeutics Ltd
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
13198315
For the period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
31 December 2021 | |||
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Notes | £ | £ | |
CURRENT ASSETS | |||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
( |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||
Called up share capital | 8 |
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Share premium account |
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Profit and Loss Account |
( |
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SHAREHOLDERS' FUNDS | 526,152 | ||
Directors' responsibilities:
-
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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 1
Neurotherapeutics Ltd
Statement of Changes in Equity
For the Period
12 February 2021
to
31 December 2021
Statement of Changes in Equity
Share Capital | Share Premium | Profit and Loss Account | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
Loss for the period and total comprehensive income | - | - |
( |
(199,841) |
Arising on shares issued during the period |
|
725,199 | - | 725,993 |
As at
|
|
|
( |
526,152 |
Page 2
Neurotherapeutics Ltd
Notes to the Financial Statements
For the Period
12 February 2021
to
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The directors are sufficiently confident that the company can raise capital within the next 12 months as required and the existing investor base has indicated their intention to provide continuing support.
1.3.
Significant judgements and estimations
Impact of Covid-19
The Company has not been significantly affected by the Covid-19 pandemic as its operations intially took place virtually. The Company has subsequently adapted the work place and working practices to ensure that the working environment is Covid Safe and operations can continue without disruption.
The Covid-19 pandemic has not significantly impacted the nature of the business nor has it increased business risk.
Page 3
Neurotherapeutics Ltd
Notes to the Financial Statements (continued)
For the Period
12 February 2021
to
31 December 2021
1.4.
Financial Instruments
Financial Instruments
i. Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
ii. Financial liabilities
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company’s shareholders. These amounts are recognised in the statement of changes in equity.
1.5.
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.
Page 4
Neurotherapeutics Ltd
Notes to the Financial Statements (continued)
For the Period
12 February 2021
to
31 December 2021
1.6.
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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
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.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1
6.
Debtors
31 December 2021 | |
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£ | |
Due within one year | |
Other debtors |
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Corporation tax recoverable assets |
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Page 5
Neurotherapeutics Ltd
Notes to the Financial Statements (continued)
For the Period
12 February 2021
to
31 December 2021
7.
Creditors: Amounts Falling Due Within One Year
31 December 2021 | |
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£ | |
Trade creditors |
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Other taxes and social security |
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Accruals and deferred income |
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9.
Ultimate Controlling Party
There is no ultimate controlling party.
Page 6
Neurotherapeutics Ltd
Notes to the Financial Statements (continued)
For the Period
12 February 2021
to
31 December 2021
10.
General Information
Neurotherapeutics Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
13198315
. The registered office is The Ingenuity Centre, UNIP, Triumph Road, Nottingham, Notts, NG7 2TU.
Page 7