Company registration number 04170519 (England and Wales)
ANTIKOR BIOPHARMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,640,269
8,775,990
Tangible assets
5
73,122
75,723
10,713,391
8,851,713
Current assets
Debtors
6
394,426
522,493
Cash at bank and in hand
218,252
341,951
612,678
864,444
Creditors: amounts falling due within one year
7
(492,029)
(406,301)
Net current assets
120,649
458,143
Total assets less current liabilities
10,834,040
9,309,856
Creditors: amounts falling due after more than one year
8
(2,528,468)
(2,665,748)
Net assets
8,305,572
6,644,108
Capital and reserves
Called up share capital
10
225,687
212,925
Share premium account
7,991,249
7,401,616
Other reserves
45,027
Profit and loss reserves
43,609
(970,433)
Total equity
8,305,572
6,644,108
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 2023 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.
The 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)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 November 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 2023
- 3 -
Share capital
Share premium account
Share based payments
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 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
9
-
(3,101)
-
(3,101)
Balance at 31 July 2022
212,925
7,401,616
(970,433)
6,644,108
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
1,014,042
1,014,042
Issue of share capital
10
12,762
589,633
-
-
602,395
Share based payments
9
-
-
45,027
45,027
Balance at 31 July 2023
225,687
7,991,249
45,027
43,609
8,305,572
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 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 amounts 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
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.
1.3
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.
1.4
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
10 years straight line
1.5
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
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
Cash and cash equivalents
Cash at bank and in hand are the basic financial assets and include cash at bank only.
1.8
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, other creditors and convertible loans, 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 payments 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. Amounts 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.
1.9
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.
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.10
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.
1.11
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.
1.12
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.
1.13
Government grants
Government grants are recognised at the fair value of the asset received 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.
1.14
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.
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
11
4
Intangible fixed assets
Patents
Development costs
Total
£
£
£
Cost
At 1 August 2022
629,149
8,683,102
9,312,251
Additions
9,951
1,888,322
1,898,273
At 31 July 2023
639,100
10,571,424
11,210,524
Amortisation and impairment
At 1 August 2022
536,261
536,261
Amortisation charged for the year
33,994
33,994
At 31 July 2023
570,255
570,255
Carrying amount
At 31 July 2023
68,845
10,571,424
10,640,269
At 31 July 2022
92,888
8,683,102
8,775,990
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
267,374
Additions
30,828
At 31 July 2023
298,202
Depreciation and impairment
At 1 August 2022
191,651
Depreciation charged in the year
33,429
At 31 July 2023
225,080
Carrying amount
At 31 July 2023
73,122
At 31 July 2022
75,723
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
180,221
236,931
Other debtors
214,205
285,562
394,426
522,493
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
89,264
80,012
Taxation and social security
34,222
52,693
Other creditors
368,543
273,596
492,029
406,301
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Convertible loans
2,528,468
2,665,748
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 9 -
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 August 2022
904,500
451,000
0.08
0.08
Granted
1,671,500
455,000
0.05
0.08
Forfeited
(1,500)
0.08
Surrendered
(904,500)
0.08
Outstanding at 31 July 2023
1,671,500
904,500
0.05
0.08
Exercisable at 31 July 2023
1,406,500
0.05
The options outstanding at 31 July 2023 had an exercise price of £0.05, and a remaining contractual life ranging from 9.2 to 9.4 years.
Inputs were as follows:
2023
2022
Weighted average share price
0.05
0.21
Weighted average exercise price
0.05
0.08
Expected volatility
50.00
50.00
Expected life
10.00
10.00
Risk free rate
3.12
0.76
During the year, the company incurred a share based payment charge of £45,027 (2022: £3,101 credit).
During the year, all of the share options which were outstanding from the previous year were surrendered by the option holders and re-granted.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
22,568,721
21,292,489
225,687
212,925
During the year, the company issued 1,276,232 Ordinary £0.01 shares for total consideration of £602,395.
ANTIKOR BIOPHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 10 -
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
35,175
12
Related party transactions
Included within other creditors falling due within one year is a balance of £682 (2022: £73,682) due to a company director. The loan is interest free and repayable on demand.
2023-07-312022-08-01false24 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityDr M P DeonarainDr T MedingerMr M H L NgiamMr J B O'SULLIVANVincent Sykes & Higham LLPfalse2023-11-24041705192022-08-012023-07-31041705192023-07-31041705192022-07-3104170519core:OtherPropertyPlantEquipment2023-07-3104170519core:OtherPropertyPlantEquipment2022-07-3104170519core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3104170519core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3104170519core:ShareCapital2023-07-3104170519core:ShareCapital2022-07-3104170519core:SharePremium2023-07-3104170519core:SharePremium2022-07-3104170519core:OtherMiscellaneousReserve2023-07-3104170519core:OtherMiscellaneousReserve2022-07-3104170519core:RetainedEarningsAccumulatedLosses2023-07-3104170519core:RetainedEarningsAccumulatedLosses2022-07-3104170519core:ShareCapital2021-07-3104170519core:SharePremium2021-07-3104170519core:OtherMiscellaneousReserve2021-07-3104170519core:RetainedEarningsAccumulatedLosses2021-07-31041705192021-07-3104170519bus:Director22022-08-012023-07-3104170519core:RetainedEarningsAccumulatedLosses2021-08-012022-07-31041705192021-08-012022-07-3104170519core:RetainedEarningsAccumulatedLosses2022-08-012023-07-3104170519core:ShareCapital2021-08-012022-07-3104170519core:SharePremium2021-08-012022-07-3104170519core:ShareCapital2022-08-012023-07-3104170519core:SharePremium2022-08-012023-07-3104170519core:SharePremium12021-08-012022-07-3104170519core:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3104170519core:PatentsTrademarksLicencesConcessionsSimilar2022-08-012023-07-3104170519core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-08-012023-07-3104170519core:PlantMachinery2022-08-012023-07-3104170519core:ComputerEquipment2022-08-012023-07-3104170519core:PatentsTrademarksLicencesConcessionsSimilar2022-07-3104170519core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-07-31041705192022-07-3104170519core:PatentsTrademarksLicencesConcessionsSimilar2023-07-3104170519core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-07-3104170519core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2022-08-012023-07-3104170519core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2022-08-012023-07-3104170519core:ExternallyAcquiredIntangibleAssets2022-08-012023-07-3104170519core:PatentsTrademarksLicencesConcessionsSimilar2022-07-3104170519core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-07-3104170519core:OtherPropertyPlantEquipment2022-07-3104170519core:OtherPropertyPlantEquipment2022-08-012023-07-3104170519core:CurrentFinancialInstruments2023-07-3104170519core:CurrentFinancialInstruments2022-07-3104170519core:WithinOneYear2023-07-3104170519core:WithinOneYear2022-07-3104170519core:Non-currentFinancialInstruments2023-07-3104170519core:Non-currentFinancialInstruments2022-07-3104170519bus:PrivateLimitedCompanyLtd2022-08-012023-07-3104170519bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3104170519bus:FRS1022022-08-012023-07-3104170519bus:AuditExemptWithAccountantsReport2022-08-012023-07-3104170519bus:Director12022-08-012023-07-3104170519bus:Director32022-08-012023-07-3104170519bus:Director42022-08-012023-07-3104170519bus:CompanySecretary12022-08-012023-07-3104170519bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP