Company Registration No. 11145951 (England and Wales)
NAITIVE TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
NAITIVE TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NAITIVE TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
17,049
3,176
Current assets
Debtors
6
54,730
5,598
Cash at bank and in hand
2,530,286
5,341
2,585,016
10,939
Creditors: amounts falling due within one year
7
(51,286)
(23,464)
Net current assets/(liabilities)
2,533,730
(12,525)
Net assets/(liabilities)
2,550,779
(9,349)
Capital and reserves
Called up share capital
10
13
9
Share premium account
3,034,977
Profit and loss reserves
(484,211)
(9,358)
Total equity
2,550,779
(9,349)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 April 2022 and are signed on its behalf by:
Dr W T E Briggs
Director
Company Registration No. 11145951
NAITIVE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 2 -
1
Accounting policies
Company information
Naitive Technologies Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Taylor Vinters, Merlin Place, Milton Road, Milton, CAMBRIDGE, CB4 0DP.
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
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
3 Years straight line
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 profit or loss
.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include
s
deposits held at call with banks.
1.4
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.
Basic financial assets
Basic financial assets, which include
debtors
and bank balances, are measured at transaction price including transaction costs
.
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.
NAITIVE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, are recognised at transaction price
including transaction costs.
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently
receivable
is based on taxable
result
for the year. Taxable
result
differs from net
loss
as reported in the
profit and loss account
because it excludes items of expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
current tax
asset
is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
D
eferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Share-based payments
Equity-settled share-based payments
will be
measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date
will be
expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment
will be
made to equity.
1.10
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.
1.11
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.
NAITIVE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 4 -
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
7
2
4
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(47,723)
(1,697)
Taxation for the year includes a repayable research and development tax credit of £47,723 (2021 - £2,502).
NAITIVE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2021
6,038
Additions
18,384
At 31 January 2022
24,422
Depreciation and impairment
At 1 February 2021
2,862
Depreciation charged in the year
4,511
At 31 January 2022
7,373
Carrying amount
At 31 January 2022
17,049
At 31 January 2021
3,176
NAITIVE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
54,730
5,598
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
6,087
270
Taxation and social security
22,261
Other creditors
22,938
23,194
51,286
23,464
8
Deferred taxation
A deferred tax asset of approximately £41,000 relating to trading losses, net of accelerated capital allowances, has not been reflected on the basis that deferred tax assets shall be recognised only to the extent that it is probable that they will be recovered.
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 February 2021
Granted
3,109
0.0001
Outstanding at 31 January 2022
3,109
0.0001
Exercisable at 31 January 2022
There were no outstanding share options at the beginning of the year.
There were 3,109 shares in option agreements granted during the year, 1,813 to company directors and 1,296 to employees, with a weighted average exercise price of £0.0001.
No share options were forfeited, exercised or expired during the year.
The vesting period is 25% on the first anniversary of the grant and 1/48 per month thereafter.
NAITIVE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 7 -
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of 0.01p each
90,000
85,000
9
9
A1 Ordinary shares of 0.01p each
32,630
-
3
-
A2 Ordinary shares of 0.01p each
3,625
-
-
-
B Ordinary shares of 0.01p each
12,649
-
1
-
138,904
85,000
13
9
At the balance sheet date 25,000 (2021 - 20,000) Ordinary £0.0001 shares were unpaid. All other shares were paid.
The Ordinary, A1 Ordinary, A2 Ordinary and B Ordinary shares (together ‘the equity shares’) have voting rights, full dividend rights and distributions shall be made among all holders of the shares pari passu. They do not confer any rights of redemption. On a distribution of assets on liquidation or return of capital, the surplus assets available after payment of the company's liabilities shall be distributed to the holders of the equity shares so that there will be paid a 1x participating preference of the original subscription monies to the holders of A and B shares.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Christopher Rayner FCA and the auditor was Craufurd Hale Audit Services Limited.
12
Related party transactions
Included in other creditors is the £0 (2021 - £22,194) balance on the directors' current accounts. The balance was interest free with no formal repayment terms.
Included in administrative expenses is £135,662 (2021 - £0) charged to the company for professional services, including management, arrangement and monitoring fees, by Mercia Fund Management Limited, a company with significant control.