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

REGISTERED NUMBER: 11123728 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

NEURONOSTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Professor J R Terry

Dr W Woldman

REGISTERED OFFICE:

Engine Shed

Station Approach

Bristol

BS1 6QH

REGISTERED NUMBER:

11123728 (England and Wales)

ACCOUNTANTS:

Bush & Co Limited

2 Barnfield Crescent

Exeter

United Kingdom

Devon

EX1 1QT

FIXED ASSETS

Intangible assets

5

11,208

-

Tangible assets

6

3,365

906

14,573

906

CURRENT ASSETS

Debtors

7

73,379

64,853

Cash at bank

68,718

33,515

142,097

98,368

CREDITORS

Amounts falling due within one year

8

199,244

191,917

NET CURRENT LIABILITIES

(57,147

)

(93,549

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(42,574

)

(92,643

)

CREDITORS

Amounts falling due after more than one year

9

34,858

-

NET LIABILITIES

(77,432

)

(92,643

)

CAPITAL AND RESERVES

Called up share capital

11

97

2

Retained earnings

(77,529

)

(92,645

)

SHAREHOLDERS' FUNDS

(77,432

)

(92,643

)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2021 and were signed on its behalf by:

Professor J R Terry - Director

1.	STATUTORY INFORMATION

Neuronostics Limited 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Going concern

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the basis that the company is a going concern. This is dependent on the continued support from Exeter University and ongoing grant receipts. At the date of this report, in the current year to 31 December 2021, the company has received approximately £391,000 in grants.

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 & licences 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

-

Straight line over 3 years

Grants

Grants received from Innovate UK have been recognised on an accruals basis. Grants relating to expenses are recognised in income on a systematic basis over the periods in which the entity recognises the related costs.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

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

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 5 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

12,450

At 31 December 2020

12,450

AMORTISATION

Charge for year

1,242

At 31 December 2020

1,242

NET BOOK VALUE

At 31 December 2020

11,208

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

1,482

Additions

4,429

At 31 December 2020

5,911

DEPRECIATION

At 1 January 2020

576

Charge for year

1,970

At 31 December 2020

2,546

NET BOOK VALUE

At 31 December 2020

3,365

At 31 December 2019

906

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

73,379

64,853

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

1,142

-

Trade creditors

2,220

20,448

Taxation and social security

6,925

734

Other creditors

188,957

170,735

199,244

191,917

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

34,858

-

10.

LOANS

UNSECURED CONVERTIBLE LOAN

Included within other creditors is a convertible loan note with Exeter University. Interest has been charged on this loan at the Bank of England base rate plus 6%. The loan agreement states that the outstanding sum and interest accrued thereon shall automatically convert into fully paid conversion shares at the conversion price given at the time of conversion.

BANK LOAN

During the year, the company received a loan under the Bounce Back Loan Scheme. The company has benefitted from the Business Interruption Payment government support scheme, whereby the UK Government covers the interest payments for 12 months from the date the funds were advanced.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

9,657

Ordinary

0.01

97

2

9,457 Ordinary shares of 0.01 each were allotted and fully paid for cash at par during the year.