Nature Metrics Limited - Period Ending 2022-12-31
Nature Metrics Limited - Period Ending 2022-12-31
Registration number:
Nature Metrics Limited
for the Year Ended 31 December 2022
Nature Metrics Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Nature Metrics Limited
Company Information
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Directors |
Dr C Bruce Mr R Ellis Mr J Schrieber Mr N C Von Luttichau Jolck Mr I Davies |
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Registered office |
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Auditors |
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Nature Metrics Limited
Strategic Report for the Year Ended 31 December 2022
The directors present their strategic report for the year ended 31 December 2022.
Principal activity
The principal activity of the group is environmental consulting, biotechnology research and development.
Fair review of the business
The Group results for the year were:
Operating loss of £7,818,780 (2021: £3,433,686)
Loss before taxation of £7,885,621 (2021: £3,442,814)
Net cash increase of £2,797,894 (2021: £2,601,476)
The Company results for the year were:
Operating loss of £7,102,978 (2021: £3,433,686)
Loss before taxation of £7,205,754 (2021: £3,442,814)
Net cash increase of £2,729,233 (2021: £2,601,476)
During the year the company received proceeds of £11,835,324 from the issue of ordinary shares.
On 1 February 2022 a 100% subsidiary, Nature Metrics North America Ltd, was incorporated in Canada.
Note that all comparatives do not include the performance of the newly incorporated subsidiary.
In arriving at these results the Board has made careful consideration of processes surrounding the business, in particular cashflow management to maximise financial performance.
As at 31 December 2022, the Group net cash balance was £6,540,255 (2021: £3,742,361).
As at 31 December 2022, the company net cash balance was £6,471,594 (2021: £3,742,361).
The Directors use a range of KPIs and other metrics to measure performance of the business.
Principal risks and uncertainties
One of the key risks facing the groups activities is the general economic climate as a result of inflationary pressures of the economy. While this inflationary pressure is particularly central on fuel and food, it leads to general uncertainty and caution. To date, the group has not been adversely affected in demand for its products and services.
Another key risk facing the group remains the general economic climate as a result of the coronavirus pandemic. The impact of the group's trade has been minimal from its experience. While it may not affect the group's industry directly, it has a significant impact on the general economy and the impacts can follow through to the group.
The group holds no publicly held investments and as such it is not exposed to the risk these factors pose to the stock market.
Approved by the
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Nature Metrics Limited
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the for the year ended 31 December 2022.
Directors of the group
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Going concern
During the year the Group made losses of £4,668,472 and management forecast that the Group will continue to be loss making in the short term future. However, as at 31 Dec 2022 the Group had a cash balance of £6,540,255 and post year end raised a further £9,499,997. Due to the current net asset position as at 31 December 2022 and the strong cash balance following the successful fundraise in 2023, the Board are confident that the Company will be able to meet its liabilities as they fall due for a period of not less than 12 months from the signing of the Balance Sheet.
On this understanding, the financial statements have been prepared on a going concern basis.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
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Nature Metrics Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Nature Metrics Limited
Independent Auditor's Report to the Members of Nature Metrics Limited
Opinion
We have audited the financial statements of Nature Metrics Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2022 and of the group's loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Nature Metrics Limited
Independent Auditor's Report to the Members of Nature Metrics Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Nature Metrics Limited
Independent Auditor's Report to the Members of Nature Metrics Limited
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.
Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Company that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including the Companies Act 2006 and UK tax legislation.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of meetings and correspondence, including legal correspondence.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
2nd Floor
20 St Thomas Street
SE1 9RS
Nature Metrics Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2022
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Note |
2022 |
2021 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Administrative expenses |
( |
( |
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Other operating income |
- |
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Operating loss |
( |
( |
|
|
Income from other Fixed assets investments |
( |
- |
|
|
Other interest receivable and similar income |
|
- |
|
|
Interest payable and similar expenses |
( |
( |
|
|
(66,751) |
(9,128) |
||
|
Loss before tax |
( |
( |
|
|
Tax on loss |
|
|
|
|
Loss for the financial year |
( |
( |
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
( |
( |
The group has no recognised gains or losses for the year other than the results above.
Nature Metrics Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2022
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2022 |
2021 |
|
|
Loss for the year |
( |
( |
|
Total comprehensive income for the year |
( |
( |
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
( |
( |
Nature Metrics Limited
(Registration number: 09243907)
Consolidated Balance Sheet as at 31 December 2022
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Note |
2022 |
2021 |
|
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Fixed assets |
|||
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Intangible assets |
|
- |
|
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Tangible assets |
|
|
|
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Other financial assets |
186,138 |
219,362 |
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|
|
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||
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
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|
|
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Total assets less current liabilities |
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|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
- |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
5 |
4 |
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Share premium reserve |
21,055,538 |
9,220,215 |
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Other reserves |
37,129 |
33,119 |
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Retained earnings |
(11,719,383) |
(4,171,372) |
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|
Equity attributable to owners of the company |
9,373,289 |
5,081,966 |
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Shareholders' funds |
9,373,289 |
5,081,966 |
Approved and authorised by the
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Nature Metrics Limited
(Registration number: 09243907)
Balance Sheet as at 31 December 2022
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Note |
2022 |
2021 |
|
|
Fixed assets |
|||
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Intangible assets |
|
- |
|
|
Tangible assets |
|
|
|
|
Investments |
|
- |
|
|
Other financial assets |
186,138 |
219,362 |
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|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
- |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
5 |
4 |
|
|
Share premium reserve |
21,055,538 |
9,220,215 |
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Other reserves |
37,129 |
33,119 |
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Retained earnings |
(11,039,516) |
(4,171,372) |
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|
Shareholders' funds |
10,053,156 |
5,081,966 |
The company made a loss after tax for the financial year of £6,868,144 (2021 - loss of £3,247,983).
Approved and authorised by the
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Nature Metrics Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2022
Equity attributable to the parent company
|
Share capital |
Share premium |
Other reserves |
Retained earnings |
Total |
Total equity |
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|
At 1 January 2022 |
|
|
|
( |
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
|
|
Other movements on reserves |
- |
- |
4,010 |
- |
4,010 |
4,010 |
|
At 31 December 2022 |
|
|
|
( |
|
|
|
Share capital |
Share premium |
Other reserves |
Retained earnings |
Total |
Total equity |
|
|
At 1 January 2021 |
|
|
- |
( |
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
|
|
Other movements on reserves |
- |
- |
33,119 |
- |
33,119 |
33,119 |
|
At 31 December 2021 |
|
|
|
( |
|
|
Nature Metrics Limited
Statement of Changes in Equity for the Year Ended 31 December 2022
|
Share capital |
Share premium |
Other reserves |
Retained earnings |
Total |
|
|
At 1 January 2022 |
|
|
|
( |
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
|
Other movements on reserves |
- |
- |
4,010 |
- |
4,010 |
|
At 31 December 2022 |
|
|
|
( |
|
|
Share capital |
Share premium |
Other reserves |
Retained earnings |
Total |
|
|
At 1 January 2021 |
|
|
- |
( |
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
|
Other movements on reserves |
- |
- |
33,119 |
- |
33,119 |
|
At 31 December 2021 |
|
|
|
( |
|
Nature Metrics Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2022
|
Note |
2022 |
2021 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investments |
|
- |
|
|
Finance income |
( |
- |
|
|
Finance costs |
|
|
|
|
Share based payment transactions |
|
|
|
|
Income tax expense |
( |
( |
|
|
( |
( |
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Increase in deferred income, including government grants |
|
|
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
|
|
|
|
Proceeds from bank borrowing draw downs |
( |
|
|
|
Net cash flows from financing activities |
|
|
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
6,540,255 |
3,742,361 |
|
Nature Metrics Limited
Statement of Cash Flows for the Year Ended 31 December 2022
|
Note |
2022 |
2021 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investments |
|
- |
|
|
Finance income |
( |
- |
|
|
Finance costs |
|
|
|
|
Share based payment transactions |
|
|
|
|
Income tax expense |
( |
( |
|
|
( |
( |
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Increase in deferred income, including government grants |
|
|
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
- |
|
|
Acquisition of subsidiaries |
( |
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
|
|
|
|
Proceeds from bank borrowing draw downs |
( |
|
|
|
Net cash flows from financing activities |
|
|
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
6,471,594 |
3,742,361 |
|
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2022.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Going concern
Whilst the Group has been loss making throughout the period, due to the Group having net current assets, and successfully raising over £9.5m in equity funding in 2023, the Board are confident that the Group will be able to meet its liabilities as they fall due for a period of not less than 12 months from the signing of the Balance Sheet.
On this understanding, the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Revenue from the sale of goods is recognised when all the following conditions are met:
- The Group has transferred the significant risks and rewards of the ownership to the buyer;
- The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- The amount can be reliably measured;
- It is probable that the Group will receive the consideration due under the transaction; and
All revenue from contracts to provide services are recognised over the period in which the services are provided. This is to be recognised in line with the stage of completion as at the balance sheet date.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Furniture, fittings and equipment |
36 months straight line |
|
Other plant and lab equipment |
36 and 84 months straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Trademarks and patents |
120 months straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Where the fair value of unlisted investments can be reliably measured, they are measured at fair value, with changes in fair value recognised in the profit and loss account.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call 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 of change in value.
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Creditors due after more than one year
Creditors with no stated interest rate and payable after more than one year are recorded at transaction price as a non-current liability. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by references to the fair value of the equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in the profit and loss for the period.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2022 |
2021 |
|
|
Sale of goods |
|
|
|
Grant income |
|
|
|
|
|
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Government grants |
- |
|
|
Miscellaneous other operating income |
- |
|
|
- |
|
|
Operating loss |
Arrived at after charging/(crediting)
|
2022 |
2021 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Research and development cost |
|
|
|
Other interest receivable and similar income |
|
2022 |
2021 |
|
|
Interest income on bank deposits |
|
- |
|
Interest payable and similar expenses |
|
2022 |
2021 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
- |
|
Foreign exchange (losses)/gains |
( |
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2022 |
2021 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2022 |
2021 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Research and development |
|
|
|
Sales, marketing and distribution |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Contributions paid to defined contribution schemes |
|
|
|
303,963 |
232,337 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2022 |
2021 |
|
|
Received or were entitled to receive shares under long term incentive schemes |
|
|
|
Accruing benefits under defined contribution pension scheme |
|
|
|
Auditors' remuneration |
|
2022 |
2021 |
|
|
Audit of these financial statements |
8,500 |
6,000 |
|
Other fees to auditors |
||
|
All other assurance services |
|
|
|
All other non-audit services |
|
|
|
|
|
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2022 |
2021 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
- |
|
Tax receipt in the income statement |
( |
( |
The tax credit of £327,605 (2021: £194,831) relates to a Research & Development Tax Credit claim. Management considers the R&D claim to not only include direct consumables recorded as Research & Development costs in the Profit and loss but also a proportion of staff labour. In 2022, the amount of staff labour attributed to R&D was £810,706 (2021: £574,570).
|
Intangible assets |
Group
|
Trademarks, patents and licenses |
Total |
|
|
Cost or valuation |
||
|
Additions acquired separately |
|
|
|
At 31 December 2022 |
|
|
|
Amortisation |
||
|
Amortisation charge |
|
|
|
At 31 December 2022 |
|
|
|
Carrying amount |
||
|
At 31 December 2022 |
|
|
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Company
|
Trademarks, patents and licenses |
Total |
|
|
Cost or valuation |
||
|
Additions acquired separately |
|
|
|
At 31 December 2022 |
|
|
|
Amortisation |
||
|
Amortisation charge |
|
|
|
At 31 December 2022 |
|
|
|
Carrying amount |
||
|
At 31 December 2022 |
|
|
|
Tangible assets |
Group
|
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2022 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2022 |
|
|
|
|
At 31 December 2021 |
|
|
|
Assets held under finance lease or hire purchase
Total assets held under finance lease or hire purchase was £nil (2021: £nil)
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Company
|
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2022 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2022 |
|
|
|
|
At 31 December 2021 |
|
|
|
Assets held under finance lease or hire purchase
Total assets held under finance lease or hire purchase was £nil (2021: £nil)
|
Investments |
Company
|
2022 |
2021 |
|
|
Investments in subsidiaries |
|
- |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
Additions |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2022 |
|
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2022 |
2021 |
|||
|
Subsidiary undertakings |
||||
|
|
590 Hanlon Creek, Unit 11, Guelph, Ontario, N1C 0A1
Canada |
|
|
|
|
Subsidiary undertakings |
|
Nature Metrics North America Ltd The principal activity of Nature Metrics North America Ltd is |
|
Other financial assets |
Group
|
Financial assets |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 January 2022 |
186,138 |
186,138 |
|
At 31 December 2022 |
186,138 |
186,138 |
|
Impairment |
||
|
Carrying amount |
||
|
At 31 December 2022 |
|
186,138 |
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Company
|
Financial assets |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 January 2022 |
186,138 |
186,138 |
|
At 31 December 2022 |
186,138 |
186,138 |
|
Impairment |
||
|
Carrying amount |
||
|
At 31 December 2022 |
|
186,138 |
Financial assets represents a minority shareholding in NatureSpace Partnership Limited, a UK registered private limited company (registration no. 10755017).
|
Stocks |
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Inventory |
|
|
|
|
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2022 |
2021 |
2022 |
2021 |
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
- |
- |
|
- |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Accrued income |
|
- |
|
- |
|
|
VAT amounts due |
|
|
|
|
|
|
Income tax asset |
|
|
|
|
|
|
|
|
|
|
||
Held within the other debtors balance of £165,372 is a rental deposit totalling £159,371. Per the rental agremeent, the rental agreement expires in 2031 with a break clause available to the Company in 2026. Therefore, the debtor balance of £159,371 is not recoverable until this point and is deemed a debtor due after one year.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Cash at bank |
|
|
|
|
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
|
Creditors |
|
Group |
Company |
||||
|
Note |
2022 |
2021 |
2022 |
2021 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Amounts relating to Occam Court |
|
|
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Loans and borrowings |
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Non-current loans and borrowings |
||||
|
Bank borrowings |
|
|
|
|
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Current loans and borrowings |
||||
|
Bank borrowings |
|
|
|
|
Bank borrowings of £51,172 (£43,862 due within 1 year, £7,310 due after 1 year) at 31 December 2022 represents an unsecured loan obtained through the Coronavirus Business Interruption Loan Scheme (CBILS), incurring interest of 14.03% per annum. The loan is due to be repaid in full by February 2024.
Nature Metrics Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2 |
|
2 |
|
|
|
1 |
|
1 |
|
|
|
2 |
- |
- |
|
|
|
|
|
|
During the year 1,647,444 Series A-1 shares having an aggregate nominal value of £1.647 were allotted for an aggregate consideration of £11,999,982. 6,904 Ordinary shares having an aggregate nominal value of £0.007 were also allotted for an aggregate consideration of £21,882.
In addition, there were various redesignations of share classes in the year; 303,218 Series A shares were redesignated as 303,218 Series A-1 shares, 13,863 Ordinary shares were redesignated as 13,863 Series A shares and 416,326 Ordinary shares were redesignated as 416,326 Series A-1 shares.
|
Non adjusting events after the financial period |
|
|
|
|