REGISTERED NUMBER:
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CALON CARDIO-TECHNOLOGY LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 DECEMBER 2021 |
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REGISTERED NUMBER:
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CALON CARDIO-TECHNOLOGY LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 DECEMBER 2021 |
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CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 14 |
CALON CARDIO-TECHNOLOGY LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Ground Floor |
Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS/(LIABILITIES) |
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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 |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Equity on loan notes |
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Fair value reserve | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS | ( |
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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. |
CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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BALANCE SHEET - continued |
31 DECEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Calon Cardio-Technology Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Amortisation is charged to the income statement. |
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Assets are reviewed for impairment and any impairment losses are charged to the income statement. Any impairment loss recognised is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item. |
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A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement. |
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Impairment of fixed assets |
The company performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement. |
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Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement. |
CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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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. |
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Basic financial assets |
Basic financial assets, which include trade and 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. |
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Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. |
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Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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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. |
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Complex financial instruments / Convertible loan notes |
The company holds convertible loan notes, under FRS 102 these are recognised as both debt and equity. The debt is deemed to be a complex financial instrument and is measured at fair value, at the end of each period the movement on the fair value is recognised through the profit and loss account. |
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On derecognition any gain or loss on the sale/conversion of the loan notes is also recognised through the profit and loss account in the period they are sold/converted. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Taxation |
Taxation for the year 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development. |
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Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development the asset is tested for impairment annually. |
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Research and development tax credits are recognised on receipt. |
CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Operating leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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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. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts arc shown within borrowings in current liabilities. |
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Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Share based payments |
The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. |
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Where equity-settled arrangements are modified, and are of the benefit to the employee, the incremental fair value is recognised over the period from the date of modification to the date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for the share-based payment. |
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The company has no cash-settled arrangements. |
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Employee benefits |
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
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Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
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Provision for liabilities |
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. |
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Functional and presentation currency |
The company's functional and presentation currency is pounds sterling. |
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Insurance Claims |
Income received from insurance claims is recognised in the period is is receivable. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Amortisation for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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6. | FIXED ASSET INVESTMENTS - continued |
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Subsidiaries |
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Calon Cardio BV |
Country of Incorporation: Netherlands |
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Class of Shares: Ordinary |
Holding %: 100 |
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£ |
Aggregate capital and reserves | (4,292 | ) |
Loss for the year | (4,392 | ) |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Included in other creditors are contributions of £5,470 (2020 £4,382) due to the defined contribution pension scheme operated by the company. |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
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CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
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Included in other creditors is the fair value of the debt component of convertible B loan notes from the Development Bank of Wales of £1,851,277 (2020: £1,851,277), which is secured by a fixed and floating charge over all assets of the company. The loan holders have the right to serve a Conversion Notice on the Company at any time to convert all of the outstanding B loan notes into fully paid B Preferred Ordinary shares at £5 and £5.50 per share on the conversion date. The loan notes are interest free and are to be repaid or converted by 30 September 2021. The initial consideration received from the Development Bank of Wales regarding the loan notes was £1,975,000 (2020: £1,975,000). |
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During 2019, the company borrowed £1,008,500 in facility agreements. The facilities were subject to an interest rate of 4% until 30 September 2020, and subsequent to that date 8%. The conversion price is to be determined at a 20% discount to the price of an equity round that triggers conversion. During 2021, the repayment date on these facilities was extended to 29 March 2024. |
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During 2020, the company received £77,000 in facility agreements, initially at 4% and, from 30 September 2020, at 8%. During 2021, repayment date extended to 29 March 2024. During 2021, the company borrowed a total of £3,778,823.38 under a Convertible Loan Agreement. This incurs interest at 8%. The conversion price is to be determined at a 20% discount to the price of an equity round that triggers conversion. Repayment date is 29 March 2024. |
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The facilities provided have the right to serve a Conversion Notice on the Company at any time to convert all of the facility plus an accrued and unpaid interest into fully paid Class A Ordinary Shares. The conversion price is to be determined at a 20% discount to the price of an equity round that triggers conversion. |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2021 |
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Share option issue | 440,788 |
Share option revision | (256,436 | ) |
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At 31 December 2021 |
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Fair value reserves represents the fair value of share based payment transactions under taken during 2016 and 2020. |
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12. | CAPITAL COMMITMENTS |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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13. | RELATED PARTY DISCLOSURES |
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Included in creditors are amounts totalling £857,033 (2020: £644,712 ) owed to directors of the company. These amounts are inclusive of interest (previously at 4% and currently at 8%) and are included in the facility agreements disclosed in Note 11. These amounts owed have a repayment date of 29 March 2024. |
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14. | ULTIMATE CONTROLLING PARTY |
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The directors consider there to be no ultimate controlling party. |
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15. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company established a new EMI and Unapproved Share Option scheme in 2016. 233,500 share options have been issued under the new scheme with an exercise price of £0.01 per ordinary share. There were no performance conditions and options could only be exercised within 10 years of grant in accordance with the Option Scheme. |
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At the year end there were 93,500 options in circulation under the historic options granted. |
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The company issued a further 135,000 share options in 2019 under the 2016 scheme. The options have an exercise price of £0.01 per ordinary share and all options lapse on the 10th anniversary of the grant date of 22 July 2019. |
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At the year end there were 127,000 options in circulation. |
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Between the two schemes options are held by 20 individuals or companies, of which 2 are current directors and 13 employees of the company. |
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At the previous year end the company had warrants in issue of: |
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A Ordinary | @ | £0.01 | - | 8,800 |
A Ordinary | @ | £0.01 | - | 3,435 |
A Ordinary | @ | £0.01 | - | 11,592 |
A Ordinary | @ | £0.01 | - | 7,696 |
A Ordinary | @ | £0.01 | - | 96,088 |
A Ordinary | @ | £0.01 | - | 12,928 | Equity Sweeteners |
A Ordinary | @ | £0.01 | - | 57,798 |
B Preference | @ | £0.01 | - | 20,600 |
B Preference | @ | £0.01 | - | 12,235 |
B Preference | @ | £0.01 | - | 12,250 |
B Preference | @ | £0.01 | - | 9,500 | Equity Sweeteners |
B Preference | @ | £0.01 | - | 175,438 |
C Ordinary | @ | £0.01 | - | 28,293 |
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CALON CARDIO-TECHNOLOGY LTD (REGISTERED NUMBER: 06166938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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16. | SHARE CAPITAL |
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Allotted and
issued: |
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Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
943,264 | Ordinary | £0.01 | 9,433 | 6,470 |
1,061,281 | A Ordinary | £0.01 | 10,613 | 10,613 |
427,283 | B Preferred Ordinary | £0.01 | 4,273 | 4,273 |
275,362 | C Ordinary | £0.01 | 2,754 | 2,754 |
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During the year the company issued and allotted the following shares: |
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Class | Number: | Nominal |
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value per
share: |
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A Ordinary | 296,264 | £0.01 |
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17. | EQUITY ON LOAN NOTES |
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Equity on loan notes represents: |
The fair value of the equity component of convertible B loan notes from the Development Bank of Wales which is secured by a fixed and floating charge over all assets of the company. The loan holders have the right to serve a Conversion Notice on the Company at any time to convert all of the outstanding B loan notes into fully paid B Preferred Ordinary shares at £5 and £5.50 per share on the conversion date. The loan notes are interest free and are to be repaid or converted by 29 March 2024. |
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The fair value of the debt component of facility agreements. The facility providers have the right to serve a Conversion Notice on the Company at any time to convert all of the facility plus an accrued and unpaid interest into full paid Class A Ordinary Shares at £7.50 per share. The facilities and interest are subject to a rate of interest of 4% per annum and were due to be repaid on 31st March 2022 in one single payment. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CALON CARDIO-TECHNOLOGY LTD |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Calon Cardio-Technology Ltd for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Calon Cardio-Technology Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Calon Cardio-Technology Ltd and state those matters that we have agreed to state to the Board of Directors of Calon Cardio-Technology Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Calon Cardio-Technology Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Calon Cardio-Technology Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Calon Cardio-Technology Ltd. You consider that Calon Cardio-Technology Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Calon Cardio-Technology Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Ground Floor |
Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
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