Actimed Therapeutics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10519588 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 December 2020

for

Actimed Therapeutics Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

AJS Coats

DR Ebsworth

FJP Misselwitz

S Wohlfeil

R Bhattacherjee

SECRETARY:

H Jackson

REGISTERED OFFICE:

The Old Bakehouse

Course Road

Ascot

Berkshire

SL5 7HL

REGISTERED NUMBER:

10519588 (England and Wales)

ACCOUNTANTS:

Jacksons Accountants (Ascot) Limited

The Old Bakehouse

Course Road

Ascot

Berkshire

SL5 7HL

FIXED ASSETS

Intangible assets

4

511,853

389,809

Tangible assets

5

971

225

512,824

390,034

CURRENT ASSETS

Debtors

6

315,021

198,991

Cash at bank

601,945

192,556

916,966

391,547

CREDITORS

Amounts falling due within one year

7

495,982

190,617

NET CURRENT ASSETS

420,984

200,930

TOTAL ASSETS LESS CURRENT LIABILITIES

933,808

590,964

CAPITAL AND RESERVES

Called up share capital

1,307

1,119

Share premium

3,052,751

1,757,637

Share-based expenses

83,883

11,983

Retained earnings

(2,204,133

)

(1,179,775

)

933,808

590,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2021 and were signed on its behalf by:

R Bhattacherjee - Director

1.	STATUTORY INFORMATION

Actimed Therapeutics Ltd is a private company, limited by shares , registered in England and Wales. 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents are being amortised evenly over their estimated useful life of ten years.

Trade marks are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Research and development costs

Capitalisation of expenditure on product development commences from the point at which technical feasibility and commercial viability of the product can be demonstrated and the company is satisfied that it is probable that future economic benefits will result from the product once completed. No such costs have been capitalised to date, given the early stage of the company's product development

Expenditure on research and development activities that do not meet the above criteria is charged to the Income Statement as incurred.

Going concern

The company incurred a loss after tax for the year of £1,024,358 (2019: £746,922). This result was expected as the company is at an early stage of its life cycle and the loss is a reflection of continued investment in drug development.

In common with other development and early stage companies, the company is reliant upon periodically raising new funding to finance its progress and the company is currently engaging with current and prospective investors and also considering other sources of finance. As at 31 December 2020, net assets were £933,808 (2019: £590,964).

Whilst there is no certainty, the directors are of the opinion that further funding will be achieved and that there remains an appetite for investment despite the ongoing financial uncertainty as a consequence of the coronavirus pandemic. Should further investment not be forthcoming, further research and development will only be undertaken subject to further funding being received. In such a scenario, overhead costs could also be substantially reduced as the company has only one employee and no premises costs.

The directors have therefore prepared the financial statements on the going concern basis of preparation and these do not include any adjustments that may be required should the going concern basis of preparation be inappropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Trade

Patents

marks

Totals

£

£

£

COST

At 1 January 2020

447,505

3,206

450,711

Additions

169,944

1,022

170,966

At 31 December 2020

617,449

4,228

621,677

AMORTISATION

At 1 January 2020

57,792

3,110

60,902

Amortisation for year

48,781

141

48,922

At 31 December 2020

106,573

3,251

109,824

NET BOOK VALUE

At 31 December 2020

510,876

977

511,853

At 31 December 2019

389,713

96

389,809

5.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 January 2020

295

Additions

820

At 31 December 2020

1,115

DEPRECIATION

At 1 January 2020

70

Charge for year

74

At 31 December 2020

144

NET BOOK VALUE

At 31 December 2020

971

At 31 December 2019

225

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Other debtors

315,021

198,991

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

278,938

113,355

Taxation and social security

3,049

2,410

Other creditors

213,995

74,852

495,982

190,617

8.	RELATED PARTIES

No single individual or entity controls Actimed Therapeutics Ltd.

Key management personnel remuneration was £143,860 (2019: £111,217).

During the year, the following related party transactions took place:

- The directors acquired a total of 5,957 shares of Actimed Therapeutics Ltd at a premium of £371,397.

- The company paid annual licence fees to a director amounting to £30,000 (2019: £30,000).

All transactions with related parties were undertaken on an arm's length basis.

9.	SHARE-BASED PAYMENT TRANSACTIONS

Share-based payments are measured by reference to their fair value at the date at which they are granted. Fair value is determined using the Black-Scholes model. The cost of equity-based transactions is recognised over the period until the award vests. No expense is recognised for awards that ultimately do not vest. At each reporting date, the cumulative expense recognised for equity-based transactions reflects the extent to which the vesting period has expired and the number of awards that, in the opinion of the directors at that date, will ultimately vest.

The costs of share-based payments are recognised in the Income Statement together with a corresponding increase in equity during the vesting period. During the year, the company recognised a share-based payment expense of £71,900 (2019: £11,983). The charge is included in administrative expenses.

The company operates an EMIOption Scheme and during the year the company granted no further share options (2019: 4,350) under this scheme.