GLYCONICS LIMITED

2021-04-012022-03-312022-03-31false08742201GLYCONICS LIMITED2022-11-23iso4217:GBPxbrli:pure087422012021-04-01087422012022-03-31087422012021-04-012022-03-31087422012020-04-01087422012021-03-31087422012020-04-012021-03-3108742201bus:SmallEntities2021-04-012022-03-3108742201bus:AuditExempt-NoAccountantsReport2021-04-012022-03-3108742201bus:FullAccounts2021-04-012022-03-3108742201bus:PrivateLimitedCompanyLtd2021-04-012022-03-3108742201core:WithinOneYear2022-03-3108742201core:AfterOneYear2022-03-3108742201core:WithinOneYear2021-03-3108742201core:AfterOneYear2021-03-3108742201core:ShareCapital2022-03-3108742201core:SharePremium2022-03-3108742201core:RevaluationReserve2022-03-3108742201core:OtherReservesSubtotal2022-03-3108742201core:RetainedEarningsAccumulatedLosses2022-03-3108742201core:ShareCapital2021-03-3108742201core:SharePremium2021-03-3108742201core:RevaluationReserve2021-03-3108742201core:OtherReservesSubtotal2021-03-3108742201core:RetainedEarningsAccumulatedLosses2021-03-3108742201core:LandBuildings2022-03-3108742201core:PlantMachinery2022-03-3108742201core:Vehicles2022-03-3108742201core:FurnitureFittings2022-03-3108742201core:OfficeEquipment2022-03-3108742201core:NetGoodwill2022-03-3108742201core:IntangibleAssetsOtherThanGoodwill2022-03-3108742201core:ListedExchangeTraded2022-03-3108742201core:UnlistedNon-exchangeTraded2022-03-3108742201core:LandBuildings2021-03-3108742201core:PlantMachinery2021-03-3108742201core:Vehicles2021-03-3108742201core:FurnitureFittings2021-03-3108742201core:OfficeEquipment2021-03-3108742201core:NetGoodwill2021-03-3108742201core:IntangibleAssetsOtherThanGoodwill2021-03-3108742201core:ListedExchangeTraded2021-03-3108742201core:UnlistedNon-exchangeTraded2021-03-3108742201core:LandBuildings2021-04-012022-03-3108742201core:PlantMachinery2021-04-012022-03-3108742201core:Vehicles2021-04-012022-03-3108742201core:FurnitureFittings2021-04-012022-03-3108742201core:OfficeEquipment2021-04-012022-03-3108742201core:NetGoodwill2021-04-012022-03-3108742201core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3108742201core:ListedExchangeTraded2021-04-012022-03-3108742201core:UnlistedNon-exchangeTraded2021-04-012022-03-3108742201core:MoreThanFiveYears2021-04-012022-03-3108742201core:Non-currentFinancialInstruments2022-03-3108742201core:Non-currentFinancialInstruments2021-03-3108742201dpl:CostSales2021-04-012022-03-3108742201dpl:DistributionCosts2021-04-012022-03-3108742201dpl:AdministrativeExpenses2021-04-012022-03-3108742201core:LandBuildings2021-04-012022-03-3108742201core:PlantMachinery2021-04-012022-03-3108742201core:Vehicles2021-04-012022-03-3108742201core:FurnitureFittings2021-04-012022-03-3108742201core:OfficeEquipment2021-04-012022-03-3108742201core:NetGoodwill2021-04-012022-03-3108742201core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3108742201dpl:GroupUndertakings2021-04-012022-03-3108742201dpl:ParticipatingInterests2021-04-012022-03-3108742201dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3108742201core:ListedExchangeTraded2021-04-012022-03-3108742201dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3108742201core:UnlistedNon-exchangeTraded2021-04-012022-03-3108742201dpl:CostSales2020-04-012021-03-3108742201dpl:DistributionCosts2020-04-012021-03-3108742201dpl:AdministrativeExpenses2020-04-012021-03-3108742201core:LandBuildings2020-04-012021-03-3108742201core:PlantMachinery2020-04-012021-03-3108742201core:Vehicles2020-04-012021-03-3108742201core:FurnitureFittings2020-04-012021-03-3108742201core:OfficeEquipment2020-04-012021-03-3108742201core:NetGoodwill2020-04-012021-03-3108742201core:IntangibleAssetsOtherThanGoodwill2020-04-012021-03-3108742201dpl:GroupUndertakings2020-04-012021-03-3108742201dpl:ParticipatingInterests2020-04-012021-03-3108742201dpl:GroupUndertakingscore:ListedExchangeTraded2020-04-012021-03-3108742201core:ListedExchangeTraded2020-04-012021-03-3108742201dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-04-012021-03-3108742201core:UnlistedNon-exchangeTraded2020-04-012021-03-3108742201core:NetGoodwill2022-03-3108742201core:IntangibleAssetsOtherThanGoodwill2022-03-3108742201core:LandBuildings2022-03-3108742201core:PlantMachinery2022-03-3108742201core:Vehicles2022-03-3108742201core:FurnitureFittings2022-03-3108742201core:OfficeEquipment2022-03-3108742201core:AfterOneYear2022-03-3108742201core:WithinOneYear2022-03-3108742201core:ListedExchangeTraded2022-03-3108742201core:UnlistedNon-exchangeTraded2022-03-3108742201core:ShareCapital2022-03-3108742201core:SharePremium2022-03-3108742201core:RevaluationReserve2022-03-3108742201core:OtherReservesSubtotal2022-03-3108742201core:RetainedEarningsAccumulatedLosses2022-03-3108742201core:NetGoodwill2021-03-3108742201core:IntangibleAssetsOtherThanGoodwill2021-03-3108742201core:LandBuildings2021-03-3108742201core:PlantMachinery2021-03-3108742201core:Vehicles2021-03-3108742201core:FurnitureFittings2021-03-3108742201core:OfficeEquipment2021-03-3108742201core:AfterOneYear2021-03-3108742201core:WithinOneYear2021-03-3108742201core:ListedExch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GLYCONICS LIMITED

Registered Number
08742201
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2022

GLYCONICS LIMITED

Company Information
for the year from 1 April 2021 to 31 March 2022


Directors	CLARKE, Berwyn Ewart
	GALLEN, Niall Anthony, Dr
	PARTON, Adrian, Dr
	PHOENIX, Joanne, Dr
	POONI, Gurkanwal Singh, Dr


Registered Address	Trafalgar House
	Meridian Business Park
	Norwich
	NR7 0TA


Registered Number	08742201 (England and Wales)

GLYCONICS LIMITED

Statement of Financial Position
31 March 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Intangible assets	6		1,002,352		650,455
Tangible assets	7		6,880		2,846
			1,009,232		653,301
Current assets
Debtors	9	259,220		155,607
Cash at bank and on hand		848,307		84,818
		1,107,527		240,425
Creditors amounts falling due within one year	10	(142,258)		(149,338)
Net current assets (liabilities)			965,269		91,087
Total assets less current liabilities			1,974,501		744,388
Net assets			1,974,501		744,388
Capital and reserves
Called up share capital			272		190
Share premium			2,490,674		1,072,964
Profit and loss account			(516,445)		(328,766)
Shareholders' funds			1,974,501		744,388

The company was entitled to exemption from audit for this reporting period 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 financial statements were approved and authorised for issue by the Board of Directors on 23 November 2022, and are signed on its behalf by:

POONI, Gurkanwal Singh, Dr
Director
Registered Company No. 08742201

GLYCONICS LIMITED

Notes to the Financial Statements
for the year ended 31 March 2022

1.	Statutory information
	Glyconics Limited is a private company limited by shares incorporated in England and Wales. The company's registered office address is Trafalgar House, Meridian Business Park, Norwich, NR7 0TA.

2.	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.

3.	Principal activities
	The principal activity of the company during the year continued to be developing a range of medical devices that improves the outcomes for patients who are affected by certain medical conditions. In the year under review, the company was developing devices for Diabetes, COPD and Covid.

4.	Accounting policies

	Turnover policy
	Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

	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. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Intangibles 5-10 years straight line basis 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

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.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intangibles 5-10 years straight line basis

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

	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 also recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. A current tax asset is recognised in respect of tax credits arising from research and development expenditure which the company has undertaken where the amount of such tax credits can be calculated by the company with a reasonable degree of certainty and there is a reasonable presumption that the tax credits will be received by the company. 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 also recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

A current tax asset is recognised in respect of tax credits arising from research and development expenditure which the company has undertaken where the amount of such tax credits can be calculated by the company with a reasonable degree of certainty and there is a reasonable presumption that the tax credits will be received by the company.

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.

	Government grants and other government assistance policy
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants and other government assistance policy

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

	Going concern
	The Company currently has limited financial resources available to it. It is in active discussions with current and new investors to secure new equity investments which will strengthen the company’s financial footing, and certain investors have confirmed their willingness to invest further funds. Until the fundraising is completed there is uncertainty as to the company’s ability to continue as a going concern, however the directors are of the opinion that the going concern basis remains appropriate.

Going concern

The Company currently has limited financial resources available to it. It is in active discussions with current and new investors to secure new equity investments which will strengthen the company’s financial footing, and certain investors have confirmed their willingness to invest further funds. Until the fundraising is completed there is uncertainty as to the company’s ability to continue as a going concern, however the directors are of the opinion that the going concern basis remains appropriate.

5.	Employee information


		2022		2021
	Average number of employees during the year	2		2

6.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 April 21	650,455	650,455
Additions	351,897	351,897
At 31 March 22	1,002,352	1,002,352
Net book value
At 31 March 22	1,002,352	1,002,352
At 31 March 21	650,455	650,455

7.	Property, plant and equipment

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 April 21	-	16,966	16,966
Additions	1,589	3,889	5,478
At 31 March 22	1,589	20,855	22,444
Depreciation and impairment
At 01 April 21	-	14,120	14,120
Charge for year	-	1,444	1,444
At 31 March 22	-	15,564	15,564
Net book value
At 31 March 22	1,589	5,291	6,880
At 31 March 21	-	2,846	2,846

8.	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.

9.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	-	85,563
Other debtors	240,930	70,044
Prepayments and accrued income	18,290	-
Total	259,220	155,607

10.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	71,282	106,895
Taxation and social security	-	8,841
Other creditors	15,003	29,747
Accrued liabilities and deferred income	55,973	3,855
Total	142,258	149,338