Neurochase Innovations Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 13533476 (England and Wales)

NEUROCHASE INNOVATIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 FEBRUARY 2022 TO 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Steven Gill

Sharon Kane

REGISTERED OFFICE:

St Brandon's House

29 Great George Street

Bristol

BS1 5QT

REGISTERED NUMBER:

13533476 (England and Wales)

FIXED ASSETS

Intangible assets

4

36,754

5,787

CURRENT ASSETS

Debtors

5

792

50

Cash at bank and in hand

2,047

50

2,839

100

CREDITORS

Amounts falling due within one year

6

45,796

6,872

NET CURRENT LIABILITIES

(42,957

)

(6,772

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,203

)

(985

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

(6,303

)

(1,085

)

(6,203

)

(985

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 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 9 August 2023 and were signed on its behalf by:

Sharon Kane - Director

1.	STATUTORY INFORMATION

Neurochase Innovations 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going Concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Intangible assets

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

Intangible assets relate to patent costs in respect of intellectual property held by the company.

Capitalised patent costs are yet to be amortised and will commence once the product has been fully developed and marketed.

Cash & cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Taxation

Taxation for the period 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.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2022

5,787

Additions

30,967

At 31 March 2023

36,754

NET BOOK VALUE

At 31 March 2023

36,754

At 31 January 2022

5,787

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

792

50

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

658

-

Taxation and social security

33

-

Other creditors

45,105

6,872

45,796

6,872

7.	CALLED UP SHARE CAPITAL

Number:

Class:

Nominal value:

£

50

Ordinary A shares

1

50

10

Ordinary B shares

1

10

5

Ordinary C shares

1

5

35

Ordinary D shares

1

35

100

8.

RESERVES

Retained

earnings

£

At 1 February 2022

(1,085

)

Deficit for the period

(5,218

)

At 31 March 2023

(6,303

)

9.	RELATED PARTY DISCLOSURES

At 31 March 2023 the company was owed £50 (January 2022 : £50) by Neurochase Holdings Limited, a company under common control.

At 31 March 2023 the company owed £43,622 (January 2022: £5,972) to Neurochase Limited, a company under common control.

All balances are interest free and are repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Professor Steven Gill due to his shareholding in the company, and his majority shareholding in the holding company, Neurochase Holdings Limited.

11.	CHANGE IN ACCOUNTING REFERENCE DATE

The company has extended its accounting reference date from the 31 January 2023 to the 31 March 2023. These accounts are therefore for a 14 month trading period.