Company registration number 04170519 (England and Wales)
ANTIKOR BIOPHARMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
ANTIKOR BIOPHARMA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 10
ANTIKOR BIOPHARMA LIMITED
BALANCE SHEET
AS AT
31 JULY 2022
31 July 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
8,775,990
7,574,048
Tangible assets
5
75,723
108,303
8,851,713
7,682,351
Current assets
Debtors
6
522,493
239,921
Cash at bank and in hand
341,951
132,905
864,444
372,826
Creditors: amounts falling due within one year
7
(406,301)
(313,827)
Net current assets
458,143
58,999
Total assets less current liabilities
9,309,856
7,741,350
Creditors: amounts falling due after more than one year
8
(2,665,748)
(1,506,918)
Net assets
6,644,108
6,234,432
Capital and reserves
Called up share capital
10
212,925
204,214
Share premium account
7,401,616
6,980,531
Other reserves
3,101
Profit and loss reserves
(970,433)
(953,414)
Total equity
6,644,108
6,234,432
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ANTIKOR BIOPHARMA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2022
31 July 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 January 2023 and are signed on its behalf by:
Dr T Medinger
Director
Company Registration No. 04170519
ANTIKOR BIOPHARMA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022
- 3 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2020
204,214
6,980,531
(1,527,592)
5,657,153
Year ended 31 July 2021:
Profit and total comprehensive income for the year
-
-
-
574,178
574,178
Share based payments
-
-
3,101
3,101
Balance at 31 July 2021
204,214
6,980,531
3,101
(953,414)
6,234,432
Year ended 31 July 2022:
Loss and total comprehensive income for the year
-
-
-
(17,019)
(17,019)
Issue of share capital
10
8,711
421,085
-
-
429,796
Share based payments
-
(3,101)
-
(3,101)
Balance at 31 July 2022
212,925
7,401,616
(970,433)
6,644,108
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 4 -
1
Accounting policies
Company information
Antikor Biopharma Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Montague House, Chancery Lane, Thrapston, Northamptonshire, NN14 4LN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
20% straight line
Development costs
No amortisation
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Computers
20% straight line
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash at bank and in hand are the basic financial assets and include cash at bank only.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and 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
corporation tax recoverable, other debtors
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 transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
trade creditors, taxation and social security and other creditors
, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 6 -
1.10
Compound instruments
The component parts of compound instruments issued by the
company
are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the
fixed assets
.
1.13
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the
Black-Scholes
model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 7 -
1.15
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
11
12
4
Intangible fixed assets
Patents
Development costs
Total
£
£
£
Cost
At 1 August 2021
629,149
7,436,638
8,065,787
Additions
1,246,464
1,246,464
At 31 July 2022
629,149
8,683,102
9,312,251
Amortisation and impairment
At 1 August 2021
491,739
491,739
Amortisation charged for the year
44,522
44,522
At 31 July 2022
536,261
536,261
Carrying amount
At 31 July 2022
92,888
8,683,102
8,775,990
At 31 July 2021
137,410
7,436,638
7,574,048
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 8 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021 and 31 July 2022
267,374
Depreciation and impairment
At 1 August 2021
159,071
Depreciation charged in the year
32,580
At 31 July 2022
191,651
Carrying amount
At 31 July 2022
75,723
At 31 July 2021
108,303
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
236,931
188,779
Other debtors
285,562
51,142
522,493
239,921
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
80,012
105,944
Taxation and social security
52,693
16,531
Other creditors
273,596
191,352
406,301
313,827
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Convertible loans
2,665,748
1,506,918
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 9 -
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 August 2021
451,000
0.08
Granted
455,000
451,000
0.08
0.08
Forfeited
(1,500)
0.08
Outstanding at 31 July 2022
904,500
451,000
0.08
0.08
Exercisable at 31 July 2022
The options outstanding at 31 July 2022 had an exercise price of £0.08, and a remaining contractual life ranging from 8.5 to 9.4 years.
Inputs were as follows:
2022
2021
Weighted average share price
0.21
0.21
Weighted average exercise price
0.08
0.08
Expected volatility
50.00
50.00
Expected life
10.00
10.00
Risk free rate
0.76
0.61
During the year, the company incurred a credit of £3,101 (2021: £3,101 debit) which related to a reversal of equity settled share based payment transactions.
After the year end, all of the granted share options which were still outstanding were surrendered by the option holders and re-granted.
As this process started prior to the year end, the share options were no longer deemed likely to vest. Therefore, any vesting charges which were previously recognised in respect of these share options have been reversed in these financial statements and no additional vesting charges recognised.
The surrender and re-grant of the share options will be recognised in next years financial statements in line with when the transaction took place.
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 10 -
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
21,292,489
20,421,398
212,925
204,214
During the year, the company issued 871,091 Ordinary £0.01 shares for a total consideration of £429,796.
11
Related party transactions
Included within other creditors
falling due within one year
a
re aggregated
balance
s
of £
73,682
(20
21
:
£91,504
) due to company director
s
.
The loans are interest free and repayable on demand.
2022-07-31
2021-08-01
false
05 January 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
Dr M P Deonarain
Dr T Medinger
Mr M H L Ngiam
Vincent Sykes & Higham LLP
2023-01-05
04170519
2021-08-01
2022-07-31
04170519
2022-07-31
04170519
2021-07-31
04170519
core:OtherPropertyPlantEquipment
2022-07-31
04170519
core:OtherPropertyPlantEquipment
2021-07-31
04170519
core:CurrentFinancialInstruments
core:WithinOneYear
2022-07-31
04170519
core:CurrentFinancialInstruments
core:WithinOneYear
2021-07-31
04170519
core:ShareCapital
2022-07-31
04170519
core:ShareCapital
2021-07-31
04170519
core:SharePremium
2022-07-31
04170519
core:SharePremium
2021-07-31
04170519
core:OtherMiscellaneousReserve
2022-07-31
04170519
core:OtherMiscellaneousReserve
2021-07-31
04170519
core:RetainedEarningsAccumulatedLosses
2022-07-31
04170519
core:RetainedEarningsAccumulatedLosses
2021-07-31
04170519
core:ShareCapital
2020-07-31
04170519
core:SharePremium
2020-07-31
04170519
core:OtherMiscellaneousReserve
2020-07-31
04170519
core:RetainedEarningsAccumulatedLosses
2020-07-31
04170519
2020-07-31
04170519
bus:Director2
2021-08-01
2022-07-31
04170519
core:RetainedEarningsAccumulatedLosses
2020-08-01
2021-07-31
04170519
2020-08-01
2021-07-31
04170519
core:RetainedEarningsAccumulatedLosses
2021-08-01
2022-07-31
04170519
core:ShareCapital
2021-08-01
2022-07-31
04170519
core:SharePremium
2021-08-01
2022-07-31
04170519
core:SharePremium
1
2021-08-01
2022-07-31
04170519
core:IntangibleAssetsOtherThanGoodwill
2021-08-01
2022-07-31
04170519
core:PatentsTrademarksLicencesConcessionsSimilar
2021-08-01
2022-07-31
04170519
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-08-01
2022-07-31
04170519
core:PlantMachinery
2021-08-01
2022-07-31
04170519
core:ComputerEquipment
2021-08-01
2022-07-31
04170519
core:PatentsTrademarksLicencesConcessionsSimilar
2021-07-31
04170519
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-07-31
04170519
2021-07-31
04170519
core:PatentsTrademarksLicencesConcessionsSimilar
2022-07-31
04170519
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-07-31
04170519
core:PatentsTrademarksLicencesConcessionsSimilar
core:ExternallyAcquiredIntangibleAssets
2021-08-01
2022-07-31
04170519
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
core:ExternallyAcquiredIntangibleAssets
2021-08-01
2022-07-31
04170519
core:ExternallyAcquiredIntangibleAssets
2021-08-01
2022-07-31
04170519
core:PatentsTrademarksLicencesConcessionsSimilar
2021-07-31
04170519
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-07-31
04170519
core:OtherPropertyPlantEquipment
2021-07-31
04170519
core:OtherPropertyPlantEquipment
2021-08-01
2022-07-31
04170519
core:CurrentFinancialInstruments
2022-07-31
04170519
core:CurrentFinancialInstruments
2021-07-31
04170519
core:WithinOneYear
2022-07-31
04170519
core:WithinOneYear
2021-07-31
04170519
core:Non-currentFinancialInstruments
2022-07-31
04170519
core:Non-currentFinancialInstruments
2021-07-31
04170519
bus:PrivateLimitedCompanyLtd
2021-08-01
2022-07-31
04170519
bus:SmallCompaniesRegimeForAccounts
2021-08-01
2022-07-31
04170519
bus:FRS102
2021-08-01
2022-07-31
04170519
bus:AuditExemptWithAccountantsReport
2021-08-01
2022-07-31
04170519
bus:Director1
2021-08-01
2022-07-31
04170519
bus:Director3
2021-08-01
2022-07-31
04170519
bus:CompanySecretary1
2021-08-01
2022-07-31
04170519
bus:FullAccounts
2021-08-01
2022-07-31
xbrli:pure
xbrli:shares
iso4217:GBP