Byzgen Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10794150 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Byzgen Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Boris

M A Couzens

Lord J N R Houghton

M J Ralphs

B Scherrer

SECRETARY:

B Harber

REGISTERED OFFICE:

6th Floor

60 Gracechurch Street

London

London

EC3V 0HR

REGISTERED NUMBER:

10794150 (England and Wales)

ACCOUNTANTS:

Sampson West

Chartered Accountants

Forum House

First Floor

15-18 Lime Street

London

EC3M 7AN

FIXED ASSETS

Intangible assets

4

674,873

-

Tangible assets

5

5,860

10,336

680,733

10,336

CURRENT ASSETS

Debtors

6

497,467

209,124

Cash at bank

7

11,042

271,886

508,509

481,010

CREDITORS

Amounts falling due within one year

8

126,460

167,875

NET CURRENT ASSETS

382,049

313,135

TOTAL ASSETS LESS CURRENT LIABILITIES

1,062,782

323,471

PROVISIONS FOR LIABILITIES

9

89,920

-

NET ASSETS

972,862

323,471

CAPITAL AND RESERVES

Called up share capital

3,834

1,205

Share premium

2,596,541

1,999,170

Retained earnings

(1,627,513

)

(1,676,904

)

972,862

323,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2020 and were signed on its behalf by:

M J Ralphs - Director

1.	STATUTORY INFORMATION

Byzgen Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors continue to adopt the going concern basis in preparing the financial statements.

The effects of Brexit on the Company's growth remain to be seen, but it is not currently assessed that there will be a

significant impact on sales or further funding given the nature of the business.

COVID 19 had an acute effect on sales and was directly attributable to the loss of lucrative contracts in Q4 FY20.

Despite this a new share issue was executed shortly after year end, the Company has an active pipeline and is

expected to regain the lost contracts in FY 21. Until sales have stabilised post COVID 19 and any additional funding

lines are in place, the Company will minimise expenditure commensurate with its financial resources.

Taking the above into account, coupled with the financial resources available to the Company at the balance sheet

date and the expected benefit of R&D tax credits (which are receivable by the Company and for which claims have

been submitted); the Company has adequate financial resources to meet it's obligations.

Intangible assets

Intangible assets are initially recongised at cost. After recognition, under the cost model, intangible assets are

measured at cost less any accumulated amortisationg and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists,

the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in

use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made,

the useful life shall not exceed ten years.

Amortisation is charged when the intangible asset is in condition necessary for it to be capable of being used in the

manner intended by management.

Amortisation is provided on the following bases:

Other intangible fixed assets - 16.7%

The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised

in the Statement of Comprehensive Income.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historic cost less accumulated depreciation and any

accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset

to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives,

using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 33%

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised

in the Statement of Comprehensive Income.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future

economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met

in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably

measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful

economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the

expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies

The Company's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of

the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items

measured at historical cost are translated using the exchange rate at the date of the transaction and where

non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end

exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of

Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Defined contribution pension plan

The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension

plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid

the Company has no further payment obligations.

The contributions are recongised as an expense in the Statement of Comprehensive Income when they fall due.

Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately

from the Company in independently administered funds.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

674,873

At 31 May 2020

674,873

NET BOOK VALUE

At 31 May 2020

674,873

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2019

and 31 May 2020

13,397

DEPRECIATION

At 1 June 2019

3,061

Charge for year

4,476

At 31 May 2020

7,537

NET BOOK VALUE

At 31 May 2020

5,860

At 31 May 2019

10,336

6.

DEBTORS

31.5.20

31.5.19

£

£

Amounts falling due within one year:

R & D Tax recoverable

192,366

180,556

VAT

7,293

17,237

Prepayments and accrued income

7,643

11,331

207,302

209,124

Amounts falling due after more than one year:

Deferred tax asset

290,165

-

Aggregate amounts

497,467

209,124

7.	CASH AT BANK

31.5.20

31.5.19

£

£

Cash at bank and in hand

10,892

271,886

Petty Cash

150

-

11,042

271,886

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade creditors

63,716

117,320

Amounts owed to group undertakings

-

9,600

Taxation and social security

25,184

24,971

Other creditors

37,560

15,984

126,460

167,875

9.	PROVISIONS FOR LIABILITIES

31.5.20

31.5.19

£

£

Deferred tax

89,920

-

Deferred

tax

£

Provided during year

89,920

Balance at 31 May 2020

89,920

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held

separately form those of the company in an independently administered fund. At the balance sheet date, unpaid

contributions of £1,502 (2019 - £2,190) were due to the fund. They are included in other creditors.

11.	POST BALANCE SHEET EVENTS

Subsequent to the balance sheet date the company undertook a new share issue.

12.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of the shareholders.