OKULO LTD


2022-04-012023-03-312023-03-31false11251527OKULO LTD2023-06-22iso4217:GBPxbrli:pure112515272022-04-01112515272023-03-31112515272022-04-012023-03-31112515272021-04-01112515272022-03-31112515272021-04-012022-03-3111251527bus:SmallEntities2022-04-012023-03-3111251527bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3111251527bus:FullAccounts2022-04-012023-03-3111251527bus:PrivateLimitedCompanyLtd2022-04-012023-03-3111251527core:WithinOneYear2023-03-3111251527core:AfterOneYear2023-03-3111251527core:WithinOneYear2022-03-3111251527core:AfterOneYear2022-03-3111251527core:ShareCapital2023-03-3111251527core:SharePremium2023-03-3111251527core:RevaluationReserve2023-03-3111251527core:OtherReservesSubtotal2023-03-3111251527core:RetainedEarningsAccumulatedLosses2023-03-3111251527core:ShareCapital2022-03-3111251527core:SharePremium2022-03-3111251527core:RevaluationReserve2022-03-3111251527core:OtherReservesSubtotal2022-03-3111251527core:RetainedEarningsAccumulatedLosses2022-03-3111251527core:LandBuildings2023-03-3111251527core:PlantMachinery2023-03-3111251527core:Vehicles2023-03-3111251527core:FurnitureFittings2023-03-3111251527core:OfficeEquipment2023-03-3111251527core:NetGoodwill2023-03-3111251527core:IntangibleAssetsOtherThanGoodwill2023-03-3111251527core:ListedExchangeTraded2023-03-3111251527core:UnlistedNon-exchangeTraded2023-03-3111251527core:LandBuildings2022-03-3111251527core:PlantMachinery2022-03-3111251527core:Vehicles2022-03-3111251527core:FurnitureFittings2022-03-3111251527core:OfficeEquipment2022-03-3111251527core:NetGoodwill2022-03-3111251527core:IntangibleAssetsOtherThanGoodwill2022-03-3111251527core:ListedExchangeTraded2022-03-3111251527core:UnlistedNon-exchangeTraded2022-03-3111251527core:LandBuildings2022-04-012023-03-3111251527core:PlantMachinery2022-04-012023-03-3111251527core:Vehicles2022-04-012023-03-3111251527core:FurnitureFittings2022-04-012023-03-3111251527core:OfficeEquipment2022-04-012023-03-3111251527core:NetGoodwill2022-04-012023-03-3111251527core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3111251527core:ListedExchangeTraded2022-04-012023-03-3111251527core:UnlistedNon-exchangeTraded2022-04-012023-03-3111251527core:MoreThanFiveYears2022-04-012023-03-3111251527core:Non-currentFinancialInstruments2023-03-3111251527core:Non-currentFinancialInstruments2022-03-3111251527dpl:CostSales2022-04-012023-03-3111251527dpl:DistributionCosts2022-04-012023-03-3111251527dpl:AdministrativeExpenses2022-04-012023-03-3111251527core:LandBuildings2022-04-012023-03-3111251527core:PlantMachinery2022-04-012023-03-3111251527core:Vehicles2022-04-012023-03-3111251527core:FurnitureFittings2022-04-012023-03-3111251527core:OfficeEquipment2022-04-012023-03-3111251527core:NetGoodwill2022-04-012023-03-3111251527core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3111251527dpl:GroupUndertakings2022-04-012023-03-3111251527dpl:ParticipatingInterests2022-04-012023-03-3111251527dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3111251527core:ListedExchangeTraded2022-04-012023-03-3111251527dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3111251527core:UnlistedNon-exchangeTraded2022-04-012023-03-3111251527dpl:CostSales2021-04-012022-03-3111251527dpl:DistributionCosts2021-04-012022-03-3111251527dpl:AdministrativeExpenses2021-04-012022-03-3111251527core:LandBuildings2021-04-012022-03-3111251527core:PlantMachinery2021-04-012022-03-3111251527core:Vehicles2021-04-012022-03-3111251527core:FurnitureFittings2021-04-012022-03-3111251527core:OfficeEquipment2021-04-012022-03-3111251527core:NetGoodwill2021-04-012022-03-3111251527core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3111251527dpl:GroupUndertakings2021-04-012022-03-3111251527dpl:ParticipatingInterests2021-04-012022-03-3111251527dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3111251527core:ListedExchangeTraded2021-04-012022-03-3111251527dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3111251527core:UnlistedNon-exchangeTraded2021-04-012022-03-3111251527core:NetGoodwill2023-03-3111251527core:IntangibleAssetsOtherThanGoodwill2023-03-3111251527core:LandBuildings2023-03-3111251527core:PlantMachinery2023-03-3111251527core:Vehicles2023-03-3111251527core:FurnitureFittings2023-03-3111251527core:OfficeEquipment2023-03-3111251527core:AfterOneYear2023-03-3111251527core:WithinOneYear2023-03-3111251527core:ListedExchangeTraded2023-03-3111251527core:UnlistedNon-exchangeTraded2023-03-3111251527core:ShareCapital2023-03-3111251527core:SharePremium2023-03-3111251527core:RevaluationReserve2023-03-3111251527core:OtherReservesSubtotal2023-03-3111251527core:RetainedEarningsAccumulatedLosses2023-03-3111251527core:NetGoodwill2022-03-3111251527core:IntangibleAssetsOtherThanGoodwill2022-03-3111251527core:LandBuildings2022-03-3111251527core:PlantMachinery2022-03-3111251527core:Vehicles2022-03-3111251527core:FurnitureFittings2022-03-3111251527core:OfficeEquipment2022-03-3111251527core:AfterOneYear2022-03-3111251527core:WithinOneYear2022-03-3111251527core:ListedExchange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OKULO LTD

Registered Number
11251527
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

OKULO LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

S Campbell
D Harris
J P Holmes
C Novorol
V Schoenenberger

Registered Address

6a Cornwallis Crescent
6a Cornwallis Crescent
Bristol
BS8 4PL

Registered Number

11251527 (England and Wales)
OKULO LTD
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets942,26810,938
Tangible assets1018,8919,208
Investments1121,56521,565
82,72441,711
Current assets
Debtors12165,081171,362
Cash at bank and on hand715,776177,792
880,857349,154
Creditors amounts falling due within one year13(62,601)(113,479)
Net current assets (liabilities)818,256235,675
Total assets less current liabilities900,980277,386
Creditors amounts falling due after one year14(24,260)(33,964)
Net assets876,720243,422
Capital and reserves
Called up share capital208176
Share premium3,063,1041,426,433
Other reserves161,73778,191
Profit and loss account(2,348,329)(1,261,378)
Shareholders' funds876,720243,422
  • 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 22 June 2023, and are signed on its behalf by:
J P Holmes
Director
Registered Company No. 11251527
OKULO LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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 throughout the year under review was the development of medical testing technology.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Intangible assets policy
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. Included in intangible assets are Patents and Trademarks which are being amortised evenly over their estimated useful life of ten years.
Revenue recognition policy
The company was still in its development phase during the reporting period and as such, it has not recognised any revenue for the year ended 31 March 2023.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Tax credits shown on the income statement represent payable tax credits receivable from HMRC as a result of claims made under HMRC's R&D tax relief schemes.
Deferred tax policy
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.
Research and development policy
Revenue expenditure on research and development is written off in the period in which it is incurred. The company qualifies to make claims under both the SME R&D tax relief scheme and the Research and Development Expenditure Credit scheme. Tax credits arising from successful claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits arising from successful claims under the RDEC scheme are subject to Corporation Tax. Gross tax credits are therefore reflected ‘above the line’ in Other income with the corresponding charge to Corporation Tax reflected in the Corporation Tax charge, or credit (if loss making). Benefits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
Government grants and other government assistance policy
Other operating income includes grant income received. A grant that does not impose specified future performance related conditions is recognised in other income when the grant proceeds are received or receivable. In the case of performance-related grants, income is recognised only when the performance-related conditions are satisfied.
Leases policy
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate. Share Based Payments The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The financial statements have been prepared on a going concern basis. The company incurred losses during the year however the directors have a reasonable expectation that trading will improve once the research and development phase has been completed and the company is fully operational. The directors have been successful in attracting new investment during the year and are of the opinion that the company has sufficient resources to meet its future obligations, if and when, they become due. The directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the financial statements.
6.Prior period and policy change adjustments
The comparative figures presented in these financial statements have been restated to account for an understatement of Investments in group undertakings and an amendment to the way the fair value of share options was determined. The fair value of share options has been determined with the use a Black Scholes model and the new fair values have been applied retrospectively, leading to a restatement of the comparative figures. The effects of the restatement are that Investments reported at 31 March 2022 have increased by £21,565, Creditors have increased by £328, Debtors have decreased by £20,947, Other Reserves have decreased by £198,041 and the accumulated Profit and loss reserves have increased by £198,331.
7.Critical estimates and judgements
Share based payments as set out in note 8 to the accounts below have been made to the employees of the company. As disclosed in the share based payments accounting policy note above, the fair value of the options granted is recognised in the income statement over the course of the vesting period. The fair value of share options is estimated using a black scholes model which calculates the fair value of an option based on the fair value of an ordinary share at the time the options are granted. No other significant judgements or estimates have been used in order to arrive at the figures contained within the financial statements.
8.Employee information
The company operates an EMI qualifying share option scheme and at the statement of financial position date the company had granted 366,321 share options to employees of the company with an average weighted exercise price of £0.23 per option. At the statement of financial position date; 81,638 options had vested (2022: 68,415), 0 had been exercised (2022: 0) and 238,996 had lapsed (2022: 0). A portion of share options granted typically vest on the date of grant with remaining options vesting between 1 and 59 months from the grant date. An amount of £46,821 has been charged to the income statement in respect of the above scheme (2021: £24,974). The company also operates an unapproved share option scheme. At the statement of financial position date the company had granted 77,450 share options to employees and advisers. At the statement of financial position date 62,720 options had vested (2022: 44,482), 0 had been exercised (2022: 0) and 0 had lapsed (2022: 0). A portion of share options granted typically vest on the date of grant with remaining options vesting between 1 and 24 months from the grant date. An amount of £36,725 has been charged to the income statement in respect of the above scheme (2021: £15,443).

20232022
Average number of employees during the year1416
9.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 2212,54212,542
Additions34,83534,835
At 31 March 2347,37747,377
Amortisation and impairment
At 01 April 221,6041,604
Charge for year3,5053,505
At 31 March 235,1095,109
Net book value
At 31 March 2342,26842,268
At 31 March 2210,93810,938
10.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 April 2218,89618,896
Additions18,77918,779
Disposals(1,458)(1,458)
At 31 March 2336,21736,217
Depreciation and impairment
At 01 April 229,6889,688
Charge for year8,9498,949
On disposals(1,311)(1,311)
At 31 March 2317,32617,326
Net book value
At 31 March 2318,89118,891
At 31 March 229,2089,208
11.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 2221,56521,565
At 31 March 2321,56521,565
Net book value
At 31 March 2321,56521,565
At 31 March 2221,56521,565

Notes

1Investments in group undertakings and participating interests
12.Debtors

2023

2022

££
Trade debtors / trade receivables2,011-
Amounts owed by group undertakings17,581-
Other debtors140,645171,362
Prepayments and accrued income4,844-
Total165,081171,362
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables23,98748,447
Bank borrowings and overdrafts9,7058,737
Amounts owed to related parties186186
Taxation and social security25,06114,137
Other creditors3,66241,972
Total62,601113,479
14.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts24,26033,964
Total24,26033,964
The company's bank borrowings and overdrafts, split across creditors due within one year and creditors due after one year, are guaranteed by the UK government under the Bounce Back Loan scheme.