TIDMNFX
RNS Number : 9043F
Nuformix PLC
18 July 2019
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18 July 2019
Nuformix plc
("Nuformix" or "the Group"),
Final Results for year ended 31 March 2019
The Board of Nuformix plc, (LSE:NFX) is pleased to announce the
Group's audited final results for the year ended 31 March 2019.
Key Highlights
-- Validation of Nuformix's application of cocrystal technology
via the commencement of NXP001 studies in humans.
-- Completion of NXP002 pre-clinical proof of concept studies in
innovative 'close to patient' human IPF tissue models.
-- The Group has completed several deals, generated revenues and
hit important milestones within its partnerships, with further
payments expected to come in H1 2019/20.
-- Addition to the Board of former Vectura Group CEO Chris
Blackwell, bringing a wealth of expertise and corporate
leadership.
Progression of Lead Programmes
-- NXP001: Oncology Supportive Care
o Achieved first pre-clinical milestone resulting in receipt of
a first payment of GBP500,000 in accordance with its Newsummit
Biopharma licensing agreement.
o MHRA clearance for the NXP001 human pharmacokinetic study was
received in February 2019 with the first healthy volunteers dosed
in March 2019.
o After the year end Nuformix announced achievement of a second
pre-clinical milestone plus success in a human pharmacokinetic
study triggering a total payment of GBP2.5m.
-- NXP002: Fibrosis
o Completion of NXP002 pre-clinical proof of concept studies in
innovative, 'close to patient' human idiopathic pulmonary fibrosis
("IPF") tissue models.
o Out-performed the current standard of care treatment, Esbriet
(R) (pirfenidone), in reducing fibrosis and inflammation.
o Additional development opportunities and further partnerships
explored in parallel.
Outlook
Going forward we expect another exciting year. Milestones for
the new year already include the successful completion of the
Group's first clinical trial with NXP001, validating our platform
and showing it can translate its applications of cocrystal
technology into human use. A second achievement of the new year
involves the recently closed deal with Ebers Tech Inc to develop
cannabinoid cocrystals, covering a wide range of cannabinoid
molecules and potential indications. The deal will bring in further
revenue driven by patent filings and pre-clinical outcomes.
With validation in clinic established for our underlying
technology, the subsequent de-risking of Nuformix's wider pipeline
and completion of the Ebers deal collectively confirms our business
model is on track to deliver significant growth in shareholder
value in 2019/20.
Dr Dan Gooding, CEO, said: "We are very proud of our
achievements in the past year, a landmark year for Nuformix. The
Group demonstrated an important cornerstone of its strategy - that
the team can translate our technology successfully into human use
without the need for additional safety data using a highly
cost-effective model. This de-risks the wider portfolio, which we
have been able to grow and further validate, most notably for our
NXP002 programme in fibrosis.
"With significant income due from IP licensing and collaborative
development programmes in H1 2019/20 and validation of its platform
in clinic, we're very excited that Nuformix is positioned well to
progress multiple programmes towards patients, delivering its
promise of therapeutic innovation and growth in shareholder
value."
References to page numbers and notes to the accounts made in
this section refer to page numbers and notes to the accounts in the
Company's 2019 Annual Report.
Market Abuse Regulation (MAR) Disclosure. Certain information
contained in this announcement would have been deemed inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the publication of this announcement via a
Regulatory Information Service and accordingly, this inside
information is now considered to be in the public domain.
Enquiries:
Nuformix plc
Dr Dan Gooding, Chief Executive
Officer +44 (0)1223 627222
Optimum Strategic Communications
Mary Clark, Supriya Mathur +44 (0) 20 3950
Email: nuformix@optimumcomms.com 9144
About Nuformix plc www.nuformix.com
Nuformix is a pharmaceutical development company using cocrystal
technology to unlock the therapeutic potential of approved small
molecule drugs. Nuformix's risk-mitigated development strategy has
resulted in a pipeline of discoveries through which it has
developed and patented novel cocrystal forms of approved small
molecules.
Nuformix has created an IP portfolio of granted patents covering
cocrystal forms of five small molecule drugs. Nuformix is targeting
high-value unmet needs with its lead programmes in oncology
supportive care: NXP001 and fibrosis: NXP002.
Nuformix was established in Cambridge in 2009 and has invested
in pharmaceutical cocrystal R&D, establishing world-class
capability and know-how in cocrystal discovery and development,
yielding multiple product opportunities.
Nuformix plc shares are traded on the London Stock Exchange's
Official List under the ticker: NFX.L.
Nuformix plc
Chairman's Statement
Overview
Nuformix plc ("the Company") and its subsidiary (together, "the
Group") operate in the field of complex scientific research,
specifically drug development through the use of
cocrystallisation.
2018/19 was a landmark year for Nuformix plc. The Group has
focused all efforts and resources into progressing its lead
programmes and succeeded in commencing the first clinical
development activities for Nuformix's lead product NXP001 and
showing it can translate its applications of cocrystal technology
into human use. Another milestone was achieved with NXP002
completing its pre-clinical proof of concept studies in innovative
'close to patient' human IPF tissue models successfully proving the
Group is rapidly building a broad pipeline.
The Group is developing an innovative pipeline of products using
its cocrystal technology platform. This exciting platform can
unlock the potential of existing small molecule drugs for new uses
in areas of high unmet medical need or support generic development
while creating new patents around the crystalline form. Nuformix is
working with drugs already shown to be safe and accesses existing
pre-clinical and clinical data which not only de-risks the business
model but also enables dramatically accelerated entry into clinical
trials at reduced cost as well as abbreviated regulatory pathways
to obtain faster market approval.
The Group is focused on creating value within its existing
intellectual property portfolio. It aims to out-licence after proof
of concept studies and to reinvest in its pipeline to maximise mid-
to long-term shareholder value. Ongoing licensing and collaborative
revenues are sufficient to fund further pipeline development in
2019 thereby maximising shareholder value.
Nuformix is operating under a lean burn business model as a
semi-virtual organisation to minimise costs in which the discovery
of new cocrystals is conducted in-house and development then
managed through CROs. Speed is a key differentiator in clinical
development; known drug compounds allow for shorter clinical trial
pathways with known approval hurdles at lower cost.
The Group has completed several deals, generated revenues and
hit important milestones within its partnerships, with further
payments expected to come in H1 2019/20.
Board changes
The Group added a broader skill set to the Board with the
appointment of former Vectura CEO Chris Blackwell who brings a
wealth of expertise and corporate leadership. Chris was CEO of
Vectura Group Plc from February 2004 to June 2015 taking the
Vectura Group through its Initial Public Offering ('IPO') to a
valuation of over $2 billion and carries strong experience in
fundraising, M&A and corporate development taking companies
from a research led technology development focus to commercially
driven pharmaceutical development.
Current trading and outlook
This year saw the Group achieve transformational change:
commencing its first clinical development programme, securing its
first licensing income from NXP001 and overall development of the
portfolio. These achievements are testament to the skills and
experience of our people and put the Group on a path towards
significant growth.
Going forward the Group expects another exciting year. The first
milestone for this new year has already been achieved following the
successful completion of the NXP001 first clinical trial,
validating the Group's platform and demonstrating it can translate
its applications of cocrystal technology into human use. A second
major achievement for the new year involves the recently closed
deal with Ebers Tech Inc to develop cannabinoid cocrystals covering
a wide range of cannabinoid molecules and potential indications.
The deal has brought in upfront revenue, with further near-term
payments driven by patent filings and pre-clinical outcomes.
The validation in clinic established for our underlying
technology, the subsequent de-risking of Nuformix's wider pipeline
and the completion of the Ebers deal confirm our business model is
working to deliver significant growth in shareholder value in
2019/2020.
David Tapolczay
Chairman
17 July 2019
Nuformix plc
Strategic Report
Objective and strategy
The Group is focused on building value for shareholders through
its activities in drug development and by out-licensing. Innovative
application of its cocrystal technology allows improved therapeutic
performance of known small molecules. The resulting novel
cocrystals can be patented under new composition of matter patents
describing the crystalline form. Enhancements to key physical
properties can be leveraged to uniquely improve bioavailability,
optimise pharmacokinetics or enable new delivery options ultimately
improving performance versus the original compound. Cocrystal
technology can bring improvements to compounds in their existing
indications or open up un-exploited therapeutic applications.
The Group's product development focus within the year was in the
fields of oncology supportive care and fibrosis. In addition, the
Group has continued to build a pipeline of products behind its lead
programmes through the identification of new applications for its
underlying cocrystal technology platform which will facilitate both
in-house and in collaboration with external partners.
Operational Highlights
2019 was a year of focus and delivery for the Group, as it
sought to further validate its IP, technology and business model.
The Group has focused all efforts and resources into progressing
its lead programmes commencing the first clinical development
activities for Nuformix's lead product NXP001 and showing it can
translate its applications of cocrystal technology into human use.
Another milestone was achieved with NXP002 completing its
pre-clinical proof of concept studies in innovative 'close to
patient' human idiopathic pulmonary fibrosis ('IPF') tissue models
successfully proving the Group is rapidly building a broad
pipeline.
Team
The Group added a broader skill set to the Board with the
appointment of former-Vectura CEO Chris Blackwell who brings a
wealth of expertise and corporate leadership. Chris Blackwell, was
CEO of Vectura Group Plc from February 2004 to June 2015 taking the
Group through its initial IPO to a valuation of over $2 billion and
carries strong experience in fundraising, M&A and corporate
development taking companies from a research led technology
development focus to commercially driven pharmaceutical
development.
Product Development Pipeline
Lead Programmes
In respect of NXP001, the Group achieved its first pre-clinical
milestone in accordance with its IP licensing agreement with
Newsummit Biopharma resulting in receipt of a first payment of
GBP500,000. MHRA clearance for the NXP001 human pharmacokinetic
study was received in February 2019 with the first healthy
volunteers dosed in March 2019. After the year end Nuformix
announced achievement of a second pre-clinical milestone triggering
a second payment of GBP500,000, plus success in a human
pharmacokinetic study, demonstrating bioequivalence to the
reference product, Emendâ in a pilot study. This positive outcome
should trigger a further significant milestone payment and allow
the Group to seek licensees for Rest of World rights for
NXP001.
The Group also announced completion of its innovative
pre-clinical trial in human IPF for NXP002 against standard of care
using a leading-edge human tissue trial model that closely
replicates the clinical disease. Data demonstrated strong
inhibition of fibrosis ex-vivo, even in very severely fibrotic
patient tissue, that may support development for IPF and other
fibrotic lung conditions. In addition, NXP002 demonstrated activity
against key inflammatory targets and out-performed the current
standard of care treatment, Esbriet (R) (pirfenidone) in this
model.
Formulation development activities are ongoing as the Group
positions itself for an initial patient proof-of-concept study in
IPF prior to commercial out-licensing. Additional development
opportunities and further partnerships are being explored in
parallel.
Pipeline Development
The Group has made additional progress with its product pipeline
to maximise the opportunity to address unmet patient needs using
cocrystal technology and driving commercial success. In pipeline
development we continue to validate a select number of early-stage
cocrystal-based products to support future progression to clinic.
The Group is pleased to announce that it has discovered new
cocrystal drug forms for molecules of therapeutic and commercial
interest.
The outline product development pipeline for our current
portfolio of clinical and pre-clinical programmes is as
follows:
Commercial Highlights
The Group continues to operate a commercial model that seeks to
create both value and revenue from a combination of IP
out-licensing and collaborative development agreements. In June
2018, the Group announced its first collaborative agreement with St
George Street Capital (SGSC) to generate new IP to support
near-term SGSC clinical trials. SGSC and Nuformix will explore
opportunities to extend the collaboration across further SGSC
clinical programmes where appropriate.
Nuformix is currently in commercial discussions with several
companies in relation to out-licensing of its NXP001 and NXP002
assets in line with its stated business strategy.
Furthermore, the Group is also in discussions with several
companies regarding the formation of collaborative development
partnerships where Nuformix will share future development
opportunities with partner companies in supporting their
development of proprietary assets using Nuformix technology.
Collaborations allow rapid growth in the number and value of
Nuformix assets and, in addition, generate upfront and near-term
revenue.
After the year end, the Group announced in April 2019 that it
had signed an agreement for the development, licensing and
commercialisation of cannabinoid therapeutics with Ebers Tech Inc
comprising up to GBP51 million of upfront R&D and milestone
payments plus royalties on net sales. The deal covers the
development of cannabinoid cocrystals for a wide range of
cannabinoid molecules and potential indications. Initial milestones
in the deal are driven by patent filings and pre-clinical
outcomes.
Risks and Uncertainties
The Group's risk management policy is regularly reviewed and
updated in line with the changing needs of the business. The
primary risks identified by management are:
-- Technical risks in delivering the potential of further lead programmes
Mitigation: The Group seeks to develop new therapies based on
known drugs. Considerable scientific data and information is
therefore available in the public domain to support the management
team in decision making during development work, including human
clinical data. Considerable additional data is generated in
pre-clinical studies to build a strong supporting rationale prior
to progression to clinical studies. The Group operates multiple
pre-clinical and clinical programmes such that it is not reliant on
any one programme for future commercial success.
-- Maintaining sufficient cashflow and reliance on milestone
payments (receipt of funds arising from technical achievement)
Mitigation: The Group strives to grow its pipeline of business,
broaden its customer base and aims to secure ongoing contracts.
Furthermore, close relationships are maintained across multiple
tiers with existing partners to best ensure timely receipt of
milestone payments.
-- Access to new investment given the Group's stage of development
Mitigation: The Group will communicate with existing and
potential new investors setting out its unique proposition and
potential for future development and growth. Access to new
investment is likely to improve significantly having demonstrated
the utility of the Group's technology and intellectual property
within clinical applications.
Financial Highlights
-- Net assets at year-end of GBP3,815,330 (2018: GBP4,493,142)
which includes GBP4,261 cash at bank (2018: GBP338,167). The Group
has seen growth in the value of its patents following continued
investment into its intellectual property portfolio.
-- Loss on ordinary activities (after tax credit) of
GBP1,661,227 (2018: loss of GBP1,838,263) and the loss per share
was 0.36p (2018: 0.49p). The reported loss is driven primarily by
share-based charges and by product development costs following the
commencement of clinical studies.
-- Total revenue of GBP610,000 (2018: GBP15,000)
-- Combined income from the Newsummit Biopharma Licensing
agreement for NXP001 and the Strategic Cannabinoid Agreement signed
with Ebers is expected to generate significant income in H1
2019/20. The Group is in commercial discussions with a number of
organisations regarding additional out-licensing and collaborative
development opportunities which will also be revenue generating in
2019.
Performance
The following are the key performance indicators ("KPIs")
considered by the Board in assessing the Group's performance
against its objectives. These KPIs are:
-- Progress of Lead Programmes: Lead programmes are progressing
at an acceptable rate. Clinical data from NXP001 has triggered
commercial milestones to support the Group's development and
commercial objectives. Growth of pipeline and patent portfolio can
trigger further milestones within the collaborations.
-- Financial Resources: The Group monitors cash flow as part of
its day to day financial control procedures. The board regularly
assesses cash flow projections and ensures that appropriate
resources are available to be drawn on when required.
To manage the working capital needs of the business and to
finance its growth plans, particularly until the Group becomes
consistently cashflow positive, reliance will be placed on securing
and maintaining sufficient financial resources for achieving
progression towards key milestones.
The Board will consider the adoption of other appropriate KPIs
as the Group develops in the future.
Employment without discrimination
The Group is committed to recruitment of employees on the basis
of aptitude and ability. We hire and promote our people regardless
of gender, orientation, origin, creed, disability or any other
inappropriate discrimination.
Environmental and social
In our day to day business we commit to comply with applicable
environmental laws. The direct impact of our operations is low. We
also aim to undertake good housekeeping practices such as reducing
energy consumption, using sustainable resources and recycling
waste.
Dan Gooding
CEO
17 July 2019
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing
the Annual Report and the financial statements in accordance with
applicable law and regulations.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the European Union. Under company law the directors must not
approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Group
and Company and of the profit or loss of the Group for that year.
In preparing these financial statements, the directors are required
to:
-- select suitable accounting policies and apply them consistently;
-- make judgements and accounting estimates that are reasonable
and prudent;
-- state whether applicable International Financial Reporting
Standards (IFRSs) as adopted by the European Union have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group will
continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group
transactions and disclose with reasonable accuracy at any time the
financial position of the Group and enable them to ensure that the
financial statements comply with the Companies Act 2006. They are
also responsible for safeguarding the assets of the Group and hence
for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
In the case of each person who was a director at the time of
this report was approved:
-- so far as that director is aware there is no relevant audit
information of which the Group's auditor is unaware; and,
-- that director has taken all steps that the director ought to
have taken as a director to make himself aware of any relevant
audit information and to establish that the Group's auditor is
aware of that information.
Dan Gooding
CEO
17 July 2019
Independent Auditor's Report to the Members of Nuformix plc
Opinion
We have audited the financial statements of Nuformix PLC (the
'parent company') and its subsidiary (the 'Group') for the year
ended 31 March 2019 which comprise the Consolidated Income and
Statement of Comprehensive Income, the Consolidated and Parent
Company Statement of Financial Position, the Consolidated and
Parent Company Statement of Changes in Equity, the Consolidated and
Parent Company Cash Flow Statement and the related notes including
a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is
applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
In our opinion the financial statements:
-- give a true and fair view of the state of the Group's and of
the parent company's affairs as at 31 March 2019 and of the Group's
loss for the year then ended;
-- have been properly prepared in accordance with IFRSs as adopted by the European Union; and
-- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the Group
in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
FRC's Ethical Standard as applied to listed public interest
entities, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Material uncertainty relating to going concern
In forming our opinion on the financial statements, which is not
modified, we have considered the adequacy of the disclosures made
in note 2 of the financial statements concerning the Group's
ability to continue as a going concern. The disclosures indicate
that there are inherent material uncertainties as to when
milestones in research will be achieved and the likely outcome of
trials which will give a right to revenue and cash receipts. These
circumstances indicate the existence of a material uncertainty
which may cast significant doubt on the Group's ability to continue
as a going concern. The financial statements do not include any
adjustments that would result if the company or Group was unable to
continue as a going concern.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to
fraud) that we identified. These matters included those which had
the greatest effect on the overall audit strategy, the allocation
of resources in the audit and directing the efforts of the
engagement team. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these
matters.
Risk Our response
Going Concern Review of cash flow forecasts
Ongoing losses may indicate that and budgets prepared by the directors
the accounts should not be prepared for the period ending 31 July
on a going concern basis. 2020 to assess the reasonableness
of the ongoing viability of the
parent company and Group.
Discussion with directors on future
plans.
Scrutinizing the sensitivities
forecasted and assessment of the
assumptions for reasonableness.
--------------------------------------------
Carrying value of intangible assets Review of directors' impairment
Losses may indicate that the intangible assessment of intangibles, including
assets, including goodwill on goodwill on consolidation. Critically
consolidation, are impaired. challenging the directors' forecasts
and projections used in the impairment
review.
--------------------------------------------
Valuation of options and warrants Assumptions critically discussed
Valuation of options and warrants with management and assessed as
may be incorrect due to assumptions to whether they are reasonable.
and the key data from the agreements Review of option and warrant agreements
not being included appropriately. to ensure that terms have been
appropriately reflected within
the calculations and assumptions.
--------------------------------------------
Our application of materiality
We define materiality as the magnitude of misstatement that
could reasonably be expected to influence the readers and the
economic decisions of the users of the financial statements. We use
materiality both in planning our audit and in evaluating the
results of our work.
We determined planning materiality for the Group to be
GBP25,000, which is approximately 2% of expenditure. Overall
performance materiality (i.e. our tolerance for misstatement in an
individual account or balance) for the Group was 75% of
materiality, namely GBP18,750.
We have agreed to report to the Audit Committee all audit
differences in excess of GBP1,250, as well as differences below
that threshold that, in our view, warrant reporting on qualitative
grounds. We also report to the Audit Committee on disclosure
matters that we identified when assessing the overall presentation
of the financial statements.
An overview of the scope of our audit
Our audit was scoped by obtaining an understanding of the Group
and its environment, including internal control, and assessing the
risks of material misstatement.
The Group includes the listed parent company, Nuformix PLC, and
its trading subsidiary, Nuformix Technologies Limited. The Group's
accounting function is outsourced to a third party accountancy
firm. We included the outsourcer in our planning discussions with
management and established a dedicated portal where the outsourcer
could share the accounting records and supporting documentation
with us. We discussed with management events that had taken place
during the year in order to obtain an understanding of any changes
in the Group's environment that might impact on our audit. Our
tests included, but were not limited to, discussions with the
outsourcer as well as the Group management.
Both companies were audited by the same audit engagement team
and, accordingly, all revenue, total assets and profit before tax
of the Group were subject to audit by Haysmacintyre LLP. The main
trading entity is the focus of our audit, as this comprises all the
Group revenue, but, at the parent company level, we also tested the
consolidation process and challenged the directors' view on the
carrying value of the investment in subsidiary and the group
intangible assets. We also carried out analytical procedures to
confirm our conclusion that there were no significant risks of
material misstatement.
We did not identify any key audit matters relating to
irregularities, including fraud. We also introduced variability
into our audit tests and assessed the risk of management override
on internal controls, including testing journals and evaluating
whether there was evidence of bias by the directors that
represented a risk of material misstatement due to fraud.
Based on our understanding of the Group our audit was focused on
the key risks as described above.
Other information
The other information comprises the information included in the
annual report other than the financial statements and our Auditors'
report thereon. The directors are responsible for the other
information. Our opinion on the financial statements does not cover
the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of
assurance conclusion thereon. In connection with our audit of the
financial statements, our responsibility is to read the other
information, and, in doing so, consider whether the other
information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required
to determine whether there is a material misstatement in the
financial statements or a material misstatement of other
information. If, based on the work we have performed, we conclude
that there is a material misstatement of the other information, we
are required to report that fact. We have nothing to report in this
regard.
Opinion on other matters prescribed by the Companies Act
2006
In our opinion, based on the work undertaken during the course
of the audit:
-- the information given in the Strategic Report and the
Directors' Report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
-- the Strategic Report and the Directors' Report has been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of our knowledge and understanding of the Group and the
parent company and its environment obtained in the course of the
audit; we have not identified material misstatements in the
Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report to
you if in our opinion:
-- adequate accounting records have not been kept by the parent
company, or returns adequate for our audit have not been received
from branches not visited by us; or
-- the parent company financial statements are not in agreement
with the accounting records and returns; or
-- certain disclosures of directors' remuneration specified by law are not made; or
-- we have not received all the information and explanations we require for our audit.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors'
Responsibilities above, the directors are responsible for the
preparation of the financial statements and for being satisfied
that they give a true and fair view and for such internal control
as the directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the Group's and the parent company's
ability to continue as a going concern, disclosing as applicable,
matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the
company or to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement whether due to fraud or error, and to issue an
Auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance, but it is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of
the financial statements is located on the Financial Reporting
Council's website at: www.frc.org.uk/auditorsresponsibilities. This
description forms part of our Auditor's report.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements
is provided on the Financial Reporting Council's website at
www.frc.org.uk/auditscopeukprivate.
Other matters which we are required to address
We were appointed by the directors to audit the financial
statements for the period ending 31 March 2016. Our total
uninterrupted period of engagement is four years, covering the
period ending 31 March 2016 and the years ended 31 March 2017, 2018
and 2019.
The non-audit services prohibited by the FRC's Ethical Standard
were not provided to the Group or the parent company and we remain
independent of the Group and the parent company in conduction our
audit.
Our audit opinion is consistent with the additional report to
the audit committee.
Use of our report
This report is made solely to the company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
company's members those matters we are required to state to them in
an Auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the company and the company's members as a body,
for our audit work, for this report, or for the opinions we have
formed.
Ian Daniels (Senior statutory 10 Queen Street Place
auditor) London
For and on behalf of Haysmacintyre EC4R 1AG
LLP, Statutory Auditors
Date : 17 July 2019
Consolidated Income Statement and Statement of Comprehensive
Income for the Year Ended 31 March 2019
2019 2018
Note GBP GBP
Revenue 5 610,000 15,000
Cost of sales (537,527) (203,868)
----------- -----------
Gross profit (loss) 72,473 (188,868)
------------------------------------------- ---- ----------- -----------
Administrative expenses before exceptional
items (911,683) (729,016)
Exceptional items 4 (975,926) (1,062,142)
------------------------------------------- ---- ----------- -----------
Total administrative expenses (1,887,609) (1,791,158)
Other operating income 6 4,624 18,520
----------- -----------
Operating loss 7 (1,810,512) (1,961,506)
Finance costs 8 (32,210) (3,547)
----------- -----------
Loss before tax (1,842,722) (1,965,053)
Income tax receipt 12 181,495 126,790
----------- -----------
Loss for the year and total comprehensive
income for the year (1,661,227) (1,838,263)
=========== ===========
Loss per share - basic and diluted 13 (0.36)p (0.49)p
The above results were derived from continuing operations.
These financial statements were approved by the board on 17 July
2019 and were signed on its behalf by:
Dan Gooding
CEO
The accompanying notes form an integral part of the financial
statements.
Consolidated Statement of Financial Position as at 31 March
2019
31 March 31 March
2019 2018
Note GBP GBP
Assets
Non-current assets
Property, plant and equipment 14 27,520 37,494
Intangible assets 15 4,260,353 4,275,920
----------- -----------
4,287,873 4,313,414
----------- -----------
Current assets
Trade and other receivables 16 162,865 180,322
Income tax asset 179,850 195,236
Cash and cash equivalents 17 4,261 338,167
----------- -----------
346,976 713,725
----------- -----------
Total assets 4,634,849 5,027,139
=========== ===========
Equity and liabilities
Equity
Share capital 18 460,750 460,750
Share premium 2,932,590 2,932,590
Merger relief reserve 10,950,000 10,950,000
Reverse acquisition reserve (8,005,195) (8,005,195)
Share option reserve 1,708,252 724,837
Retained earnings (4,231,067) (2,569,840)
----------- -----------
Total equity 3,815,330 4,493,142
----------- -----------
Current liabilities
Trade and other payables 23 804,408 511,041
Loans and borrowings 20 15,111 22,956
----------- -----------
819,519 533,997
----------- -----------
Total equity and liabilities 4,634,849 5,027,139
=========== ===========
These financial statements were approved by the board on 17 July
2019 and were signed on its behalf by:
Dan Gooding
CEO
17 July 2019
The accompanying notes form an integral part of the financial
statements.
Consolidated Statement of Changes in Equity for the Year Ended
31 March 2019
Reverse acquisition
Merger reserve Share
Share Share relief GBP option Retained
capital premium reserve reserve earnings Total
GBP GBP GBP GBP GBP GBP
At 1 April
2018 460,750 2,932,590 10,950,000 (8,005,195) 724,837 (2,569,840) 4,493,142
Loss for the
year and
total
comprehensive
loss - - - - - (1,661,227) (1,661,227)
Share and
warrant based
payment - - - - 975,926 - 975,926
Equity element
of
convertible
loan note - - - - 7,489 - 7,489
--------- --------- ------------ --------------------------- ----------- ----------- -----------
At 31 March
2019 460,750 2,932,590 10,950,000 (8,005,195) 1,708,252 (4,231,067) 3,815,330
========= ========= ============ =========================== =========== =========== ===========
Merger Reverse acquisition Share
Share Share relief reserve option Retained
capital premium reserve GBP reserve earnings Total
GBP GBP GBP GBP GBP GBP
At 1 April
2017 95,750 737,440 - (345,820) 22,695 (731,577) (221,512)
Loss for the
year and
total
comprehensive
loss - - - - - (1,838,263) (1,838,263)
Share based
payment 7,500 292,500 - - 702,142 - 1,002,142
Issue of
shares as
consideration 300,000 - 10,950,000 - - - 11,250,000
Share issue
costs - (339,850) - - - - (339,850)
Arising on
reverse
acquisition - - - (7,659,375) - - (7,659,375)
Issue of share
capital 57,500 2,242,500 - - - - 2,300,000
At 31 March
2018 460,750 2,932,590 10,950,000 (8,005,195) 724,837 (2,569,840) 4,493,142
========= ========= ============ =========================== =========== =========== ===========
The accompanying notes form an integral part of the financial
statements.
Consolidated Statement of Cash Flows for the Year Ended 31 March
2019
2019 2018
Note GBP GBP
Cash flows from operating activities
Loss for the year (1,661,227) (1,838,263)
Adjustments to cash flows from non-cash
items
Depreciation and amortisation 7 52,815 47,433
Finance costs 8 32,210 3,547
Income tax expense 12 (181,495) (126,790)
Share and warrant based payment 975, 926 1,002,142
Equity element of convertible loan
note 7,489 -
----------- -----------
(774,282) (911,932)
Working capital adjustments
Decrease in trade and other receivables 16 17,457 80,434
Increase / (decrease) in trade and
other payables 23 260,602 (631,321)
----------- -----------
Cash consumed by operations (496,223) (1,462,819)
Income taxes received / (paid) 12 196,881 (68,445)
----------- -----------
Net cash outflow from operating activities (299,342) (1,531,264)
----------- -----------
Cash flows from investing activities
Cash acquired on reverse acquisition - 678
Acquisitions of property plant and
equipment 14 (1,277) (44,094)
Disposals of property plant and equipment 14 149 -
Acquisition of intangible assets 15 (26,148) (57,202)
----------- -----------
Net cash flows from investing activities (27,276) (100,618)
----------- -----------
Cash flows from financing activities
Proceeds of share issue - 1,960,150
Interest paid 8 (3,483) (2,061)
Foreign exchange (losses) / gains 8 (3,805) 7,514
----------- -----------
Net cash flows from financing activities (7,288) 1,965,603
----------- -----------
Net (decrease)/ increase in cash and
cash equivalents (333,906) 333,721
Cash and cash equivalents at 1 April 338,167 4,446
----------- -----------
Cash and cash equivalents at 31 March 4,261 338,167
=========== ===========
The accompanying notes form an integral part of the financial
statements.
Notes to the Consolidated Financial Statements for the Year
Ended 31 March 2019
1 General information
Nuformix plc ("the Company") and its subsidiary (together, "the
Group") operate in the field of complex scientific research,
specifically drug development through the use of
cocrystallisation.
The Company is a public limited company which is listed on the
London Stock Exchange, domiciled in the United Kingdom ("the UK")
and incorporated in England and Wales.
The address of its registered office is:
6th Floor
60 Gracechurch Street
London
EC3V 0HR
2 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with
adopted IFRSs and under historical cost accounting rules. The
financial statements are presented in Pounds Sterling which is the
Group's functional and presentational currency.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Group's accounting policies.
Statement of compliance
The Group financial statements have been prepared in accordance
with International Financial Reporting Standards and its
interpretations adopted by the European Union ("adopted IFRSs"). At
the date of the authorisation of these financial statements the
following Standards and Interpretations affecting the Group, which
have not been applied in these financial statements, were in issue,
but not yet effective. The Group does not plan to adopt these
standards early.
-- IFRS 16 Leases
-- IFRIC23 Uncertainty over Income Tax Treatments
The Standard (IFRS) and Interpretation (IFRIC) are both
effective for accounting years beginning on or after 1 January
2019.
Critical Accounting Estimates and Judgements
The preparation of financial statement in conformity with IFRS
requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting year. These estimates and assumptions
are based upon management's knowledge and experience of the
amounts, events or actions. Actual results may differ from such
estimates.
The critical accounting estimates are considered to relate to
the following:
Intangible assets
The Group recognises intangible assets in respect of goodwill
arising on consolidation. This recognition requires the use of
estimates, judgements and assumptions in determining whether the
goodwill is impaired at each year end.
Share options
The Group fair values equity-settled share-based payment
transactions using the Black-Scholes model. The use of the model
involves judgements and estimates including an assessment of
whether the shares will vest. Should actual future outcomes differ
from these assessments the amounts recognised on a straight line
basis would vary from those currently recognised.
Basis of consolidation
On 16 October 2017 the Company acquired the entire issued
ordinary share capital of Nuformix Technologies Limited and became
the legal parent of Nuformix Technologies Limited. The accounting
policy adopted by the Directors applies the principles of IFRS 3
(Revised) "Business Combinations" in identifying the accounting
parent as Nuformix Technologies Limited and the presentation of the
Group consolidated statements of the Company (the legal parent) as
a continuation of financial statements of the accounting parent or
legal subsidiary (Nuformix Technologies Limited).
This policy reflects the commercial substance of this
transaction as follows:
-- The original shareholders of the legal subsidiary undertaking
were the most significant shareholders following admission to the
London Stock Exchange, owning 65.1% of the issued share
capital;
-- The assets and liabilities of the legal subsidiary Nuformix
Technologies Limited are recognised and measured in the Group
financial statements at the pre-combination carrying amounts
without restatement to fair value;
-- The retained earnings and other equity balances recognised in
the Group financial statements reflect the retained earnings and
other equity balances of Nuformix Technologies Limited immediately
before the business combination;
-- The results of the year from 1 April 2017 to the date of the
business combination are those of Nuformix Technologies
Limited;
-- The equity structure appearing in the Group financial
statements reflects the equity structure of the legal parent,
including the equity instruments issued under the share-for-share
exchange to effect the business combination and adjusted in
accordance with IFRS 3. This results in the creation of a "reverse
acquisition reserve" as at 1 April 2017, being the difference
between the Company equity structure and that of Nuformix
Technologies Limited.
The consolidated financial statements cover the year ended 31
March 2019. The financial statements for the comparative year ended
31 March 2018 represent the substance of the reverse acquisition
and are those of Nuformix Technologies Limited.
Going concern
The financial statements have been prepared on the going concern
basis of preparation which, inter alia, is based on the directors'
reasonable expectation that the Group has adequate resources to
continue to operate as a going concern for at least twelve months
from the date of their approval. In forming this assessment, the
directors have prepared cashflow forecasts covering the year ending
31 July 2020 which take into account the likely run rate on
overheads and research expenditure and the prudent expectations of
income from its lead programmes. Whilst there can be no guarantee
of the successful outcome of future trials, in compiling the
cashflow forecasts the directors have made cautious estimates of
the likely outcome of such trials, when income might be generated
and have considered alternative strategies should projected income
be delayed or fails to materialise. The directors' recognise that
there are inherent material uncertainties as to when milestones in
research will be achieved which will give a right to revenue and,
as a consequence, the likely date of the related cash receipts. The
directors have considered alternative strategies which include
postponing uncommitted research expenditure, securing alternative
licensing arrangements from those currently planned and utilising
the Group's established network of licensed brokers for
fundraising.
After careful consideration, the directors consider that they
have reasonable grounds to believe that the Group can be regarded
as a going concern and for this reason they continue to adopt the
going concern basis in preparing the Group's financial
statements.
Exceptional items
Exceptional items are defined as items which are non-recurring
in nature and material.
Changes in accounting policy
None of the standards, interpretations and amendments effective
for the first time from 1 April 2018 have had a material effect on
the financial statements.
Other than the adoption of IFRS 16 Leases, none of the
standards, interpretations and amendments which are effective for
years beginning after 1 April 2018 and which have not been adopted
early, are expected to have a material effect on the financial
statements.
Revenue recognition
Revenue comprises the fair value of the consideration received
or receivable for the sale of goods and provision of services in
the ordinary course of the Group's activities. Revenue is shown net
of sales/value added tax, returns, rebates and discounts and after
eliminating sales within the Group.
The Group recognises revenue when:
-- the amount of revenue can be reliably measured;
-- it is probable that future economic benefits will flow to the entity; and,
-- specific criteria have been met for each of the Group
activities, such as the demonstration of milestone achievements in
research or acceptance by both parties.
There has been no impact on the financial statements from the
introduction of IFRS 15 Revenue from Contracts with Customers.
Segmental information
There is one continuing class of business, being the research
and experimental development of biotechnology.
Given that there is only one continuing class of business,
operating within the UK no further segmental information has been
provided.
Tax
The tax expense represents the sum of tax currently payable and
deferred tax.
Tax currently payable is based on taxable profit for the year.
Taxable profit differs from net profit as reported in the income
statement 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 Group's liability for
current tax is calculated using tax rates that have been enacted or
substantively enacted at the balance sheet date.
Deferred income taxes are calculated using the liability method
on temporary differences. Deferred tax is generally provided on the
difference between the carrying amounts of assets and liabilities
and their tax bases. However, deferred tax is not provided on the
initial recognition of an asset or liability unless the related
transaction is a business combination or affects tax or accounting
profit.
Temporary differences include those associated with shares in
subsidiaries and joint ventures and are only not recognised if the
Group controls the reversal of the difference and it is not
expected for the foreseeable future. In addition, tax losses
available to be carried forward as well as other income tax credits
to the Group are assessed for recognition as deferred tax
assets.
Deferred tax liabilities are provided in full, with no
discounting. Deferred tax assets are recognised to the extent that
it is probable that the underlying deductible temporary differences
will be able to be offset against future taxable income. Current
and deferred tax assets and liabilities are calculated at tax rates
that are expected to apply to their respective year of realisation,
provided they are enacted or substantively enacted at the statement
of financial position date. Changes in deferred tax assets or
liabilities are recognised as a component of tax expense in the
income statements, except where they relate to items that are
charged or credited to equity in which case the related deferred
tax is also charged or credited directly to equity.
Property, plant and equipment
Property, plant and equipment is stated in the statement of
financial position at cost, less any subsequent accumulated
depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly
attributable incremental costs incurred in their acquisition and
installation.
Depreciation
Depreciation is charged so as to write off the cost of assets,
other than land and properties under construction over their
estimated useful lives, as follows:
Depreciation method and
Asset class rate
Leasehold improvements 20% straight line
Computer and office equipment 33.33% straight line
Lab equipment 25% straight line
Intangible assets
Goodwill arising on the acquisition of an entity represents the
excess of the cost of acquisition over the Group's interest in the
net fair value of the identifiable assets, liabilities and
contingent liabilities of the entity recognised at the date of
acquisition. Goodwill is initially recognised as an asset at cost
and is subsequently measured at cost less any accumulated
impairment losses. Goodwill is held in the currency of the acquired
entity and revalued to the closing rate at each reporting year
date.
Goodwill is not amortised but it is tested for impairment
annually, or more frequently if events or changes in circumstances
indicate that it might be impaired, and is carried at cost less
accumulated impairment losses. Gains and losses on the disposal of
an entity include the carrying amount of goodwill relating to the
entity sold.
Goodwill is allocated to cash-generating units ('CGUs') for the
purpose of impairment testing. The allocation is made to those cash
generating units or groups of cash-generating units that are
expected to benefit from the business combination in which the
goodwill arose. The Group currently only has one CGU.
Separately acquired trademarks and licences are shown at
historical cost. Trademarks, licences (including software) and
customer-related intangible assets acquired in a business
combination are recognised at fair value at the acquisition
date.
Trademarks, licences and customer-related intangible assets have
a finite useful life and are carried at cost less accumulated
amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off
the cost, less any estimated residual value, over their expected
useful economic life as follows:
Amortisation method and
Asset class rate
Patents 10% straight line
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call
deposits, and other short-term highly liquid investments that are
readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Trade receivables
Trade receivables are amounts due from customers for services
performed in the ordinary course of business. If collection is
expected in one year or less (or in the normal operating cycle of
the business if longer), they are classified as current assets. If
not, they are presented as non-current assets.
Trade receivables are recognised initially at the transaction
price. They are subsequently measured at amortised cost using the
effective interest method, less provision for impairment. A
provision for the impairment of trade receivables is established
when there is objective evidence that the Group will not be able to
collect all amounts due according to the original terms of the
receivables.
Trade payables
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 (or in the normal
operating cycle of the business if longer). If not, they are
presented as non-current liabilities.
Trade payables are recognised initially at the transaction price
and subsequently measured at amortised cost using the effective
interest method.
Borrowings
All borrowings are initially recorded at the amount of proceeds
received, net of transaction costs. Borrowings are subsequently
carried at amortised cost, with the difference between the
proceeds, net of transaction costs, and the amount due on
redemption being recognised as a charge to the income statement
over the year of the relevant borrowing.
Interest expense is recognised on the basis of the effective
interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the
Group has an unconditional right to defer settlement of the
liability for at least 12 months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of
ownership are retained by the lessor are classified as operating
leases. Payments made under operating leases are charged to profit
or loss on a straight-line basis over the year of the lease.
Equity
Equity comprises the following:
-- "Share capital" represents the nominal value of equity shares.
-- "Share premium" represents the amount paid for equity shares over the nominal value.
-- "Reverse acquisition reserve" arises due to the elimination
of the Company's investment in Nuformix Technologies Limited.
-- "Merger relief reserve" represents the share premium arising
on issue of shares in respect of the reverse acquisition
takeover.
-- "Share option reserve" represents the fair value of options issued.
-- "Retained losses" represents retained losses.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed
contributions are paid into a separate entity and has no legal or
constructive obligations to pay further contributions if the fund
does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior years.
For defined contribution plans contributions are paid into
publicly or privately administered pension insurance plans on a
mandatory or contractual basis. The contributions are recognised as
employee benefit expense when they are due. If contribution
payments exceed the contribution due for service, the excess is
recognised as an asset.
Financial assets and liabilities
The Group's financial assets comprise intangible and tangible
fixed assets, trade and other receivables and cash and cash
equivalents.
The Group's financial liabilities comprise trade payables.
Financial liabilities are obligations to pay cash or other
financial assets and are recognised when the Group becomes a party
to the contractual provisions of the instruments.
Convertible loan note
The fair value of the liability portion of a convertible loan
note is determined using a market interest rate for an equivalent
non-convertible loan note. This amount is recorded as a liability
on an amortised cost basis until extinguished on conversion or
maturity of the bonds. The remainder of the proceeds is allocated
to the conversion option. This is recognised and included in
shareholders' equity, net of income tax effects.
Investment in subsidiaries
Investments in subsidiaries are carried in the Company's balance
sheet at cost less accumulated impairment losses. On disposal of
investments in subsidiaries the difference between disposal
proceeds and the carrying amounts of the investments are recognised
in profit or loss.
3 Business combinations
On 16 October 2017 Nuformix plc acquired 100% of the share
capital of Nuformix Technologies Limited for a total consideration
of GBP11,250,000, satisfied through a share-for-share exchange. The
acquisition of Nuformix Technologies Limited by Nuformix plc is
deemed to be a reverse acquisition under the provisions of IFRS 3
"Business Combinations".
In accounting for a reverse acquisition (rather than an
acquisition) the combined financial statements are deemed to be a
continuation of the books of the legal acquiree (Nuformix
Technologies Limited) rather than a continuation of those of the
legal acquirer (Nuformix plc).
The assets and liabilities of Nuformix Technologies Limited are
recognised and measured in the Group financial statements at the
pre-combination carrying amounts, without restatement to fair value
and no goodwill arises in relation to them.
Conversely, the assets of Nuformix plc are consolidated at their
fair values.
The overall effect is that the consolidated financial statements
are prepared from a Nuformix Technologies Limited perspective
rather than Nuformix plc, and in summary this means:
-- the comparative consolidated financial information is that of
Nuformix Technologies Limited rather than that of Nuformix plc;
-- the result for the year and consolidated cumulative profit
and loss reserves are those of the Nuformix Technologies Limited
plus the post-acquisition results of the Nuformix plc;
-- a reverse acquisition reserve of (GBP8,005,195) has been created;
the share capital, share premium account and the share option
reserve are that of Nuformix plc; and,
-- the cost of the combination has been determined from the
perspective of Nuformix Technologies Limited.
Goodwill arises on the reverse acquisition when comparing the
consideration of Nuformix plc acquiring the shares of Nuformix
Technologies Limited. The fair value of the consideration is the
market capitalisation of Nuformix plc at the acquisition date based
on the closing share price on 16 October 2017 of 3.75p per
share.
GBP
Consideration effectively paid (95,750,000 at 3.75p
per share) 3,590,625
Add net liabilities acquired (no difference between
book and fair value):
Trade and other receivables 176,582
Cash and cash equivalents 678
Trade and other payables (610,119)
----------
Net liabilities acquired (432,859)
Goodwill arising on consolidation 4,023,484
----------
The Group incurred share issue costs of GBP339,850 in respect of
the fund raising in relation to the reverse acquisition.
4 Exceptional items
As part of the reverse acquisition the Group issued a number of
options and warrants to existing directors, new directors and the
provision of professional services in relation to the successful
completion of the transaction and in respect of the new directors'
future service. Details of the share based payments can be found in
note 19. The Group also incurred stamp duty of GBP60,000 in the
year ended 31 March 2018 which has been expensed.
2019 2018
GBP GBP
Share option charge 828,427 702,142
Warrant charge 147,499 -
Acquisition costs - 360,000
------- ---------
975,926 1,062,142
5 Revenue
The analysis of the Group's revenue for the year from continuing
operations is as follows:
2019 2018
GBP GBP
Rendering of services 610,000 15,000
======= ======
6 Other operating income
The analysis of the Group's other operating income for the year
is as follows:
2019 2018
GBP GBP
Miscellaneous other operating income 4,624 18,520
============= ===========
7 Operating loss
2019 2018
Arrived at after charging GBP GBP
Depreciation expense 11,100 8,333
Amortisation expense 41,715 39,100
Research and development expenditure 1,449,210 876,580
Operating lease expense - property 29,400 19,784
============= ===========
8 Finance income and costs
2019 2018
GBP GBP
Finance costs
Interest expense on other financing liabilities (28,405) (11,061)
Foreign exchange (losses)/ gains (3,805) 7,514
------------- -----------
Total finance costs (32,210) (3,547)
============= ===========
9 Staff costs
The aggregate payroll costs (including directors' remuneration)
were as follows:
2019 2018
GBP GBP
Wages and salaries 314,000 244,516
Social security costs 35,682 26,968
Pension costs, defined contribution scheme 2,703 1,318
------- -------
352,385 272,802
======= =======
The average number of persons employed by the Group (including
directors) during the year and analysed by category was as
follows:
2019 2018
No. No.
Research and development 3 3
==== ====
The Company has one employee, other than the executive
directors, who are employed by Nuformix Technologies Limited. The
non executive directors are engaged under service, not employment
contracts.
10 Directors' remuneration
The directors' remuneration for the year was as follows:
2019 2018
GBP GBP
Remuneration 240,000 209,705
======= =======
During the year the number of directors who were receiving
pension benefits was as follows:
2019 2018
No. No.
Accruing benefits under money purchase
pension scheme 2 2
==== ====
In respect of the highest paid director:
2019 2018
GBP GBP
Remuneration 125,000 109,519
11 Auditors' remuneration
2019 2018
GBP GBP
Audit of the financial statements - Group 29,450 24,950
Audit of the financial statements - Company 10,000 13,500
Audit related assurance service 5,250 -
In addition to the above, the auditors charged fees of GBPnil
(2018: GBP65,750) in respect of corporate finance work which
is included in acquisition costs).
12 Income tax
Tax (credited) in the income statement
2019 2018
GBP GBP
Current taxation
UK corporation tax (181,495) (126,790)
========= =========
The tax on loss before tax for the year is the same as the
standard rate of corporation tax in the UK of 19% (2018: 19%).
The differences are reconciled below:
2019 2018
GBP GBP
Loss before tax (1,842,722) (1,965,053)
=========== ===========
Corporation tax at standard rate (350,117) (373,360)
Excess of capital allowances over depreciation 1,725 (6,428)
Expenses not deductible 189,661 147,422
Tax losses for which no deferred tax asset
was recognised 76,298 161,604
Adjustment in respect of research development
tax credit (99,062) (56,027)
----------- -----------
Total tax credit (181,495) (126,790)
=========== ===========
No deferred tax asset has been recognised as the Directors
cannot be certain that future profits will be sufficient for this
asset to be realised. As at 31 March 2019 the Group has tax losses
carried forward of approximately GBP3,070,000 (2018:
GBP2,430,000).
13 Loss per share
Loss per share is calculated by dividing the loss after tax
attributable to the equity holders of the Company by the weighted
average number of shares in issue during the year. In calculating
the weighted average number of shares during the year in which the
reverse acquisition occurs:
a) The number of shares outstanding from the beginning of the
year to the acquisition date is computed on the basis of the
weighted average number of shares of the legal acquirer (accounting
acquirer) outstanding during the year multiplied by the exchange
ratio established in the merger agreement; and,
b) The number of shares outstanding from the acquisition date to
the end of that year is the actual number of shares of the legal
acquirer (accounting acquiree) outstanding during the year.
The basic earnings per share for each comparative year before
the acquisition date shall be calculated by dividing the
profit/(loss) of the legal acquiree in each of those years by the
legal acquiree's historical weighted average number of shares
outstanding multiplied by the exchange ratio.
2019 2018
GBP GBP
Loss after tax (1,661,227) (1,838,263)
Weighted average number of shares - basic
and diluted 460,750,000 373,548,630
Basic and diluted loss per share (0.36)p (0.49)p
On 18 April 2017, the Company announced that it entered into a
convertible loan note agreement for GBP200,000 with a private
investor. On 24 August 2018 the agreement was amended to provide
for conversion into new ordinary shares at 2.75p (April 2017: 4p)
per share. Subsequent to the year end conversion into ordinary
shares of the company has occurred with the lender also being
issued with one for one warrants to subscribe for new ordinary
shares at 2.75p per share, exercisable for a five year (April 2017:
three) period from conversion.
14 Property, plant and equipment
Leasehold
improvements Computer equipment Lab equipment Total
GBP GBP GBP GBP
Cost or valuation
At 1 April 2018 32,204 17,345 8,762 58,311
Additions - 307 970 1,277
Disposals - (165) - (165)
------------- ------------------ ------------- ------
At 31 March 2019 32,204 17,487 9,732 59,423
------------- ------------------ ------------- ------
Depreciation
At 1 April 2018 5,367 8,189 7,261 20,817
Charge for the year 6,440 3,842 818 11,100
Eliminated on disposal - (14) - (14)
------------- ------------------ ------------- ------
At 31 March 2019 11,807 12,017 8,079 31,903
------------- ------------------ ------------- ------
Carrying amount
At 31 March 2019 20,396 5,471 1,653 27,520
============= ================== ============= ======
At 31 March 2018 26,837 9,156 1,501 37,494
============= ================== ============= ======
15 Intangible assets
Goodwill Patents Total
GBP GBP GBP
Cost
At 1 April 2018 4,023,484 390,993 4,414,477
Additions - 26,148 26,148
----------- ------- ---------
At 31 March 2019 4,023,484 417,141 4,440,625
----------- ------- ---------
Amortisation
At 1 April 2018 - 138,557 138,557
Amortisation charge - 41,715 41,715
----------- ------- ---------
At 31 March 2019 - 180,272 180,272
----------- ------- ---------
Net book value
At 31 March 2019 4,023,484 236,869 4,260,353
=========== ======= =========
At 31 March 2018 4,023,484 252,436 4,275,920
=========== ======= =========
For impairment testing purposes, management consider the
operations of the Group to represent a single cash generating unit
(CGU) focused on research and development of drugs through the use
of cocrystallisation. Consequently, the goodwill is effectively
allocated and considered for impairment against the business as a
whole being the single CGU.
The fair value of the CGU as at 31 March 2019 is considered to
be the market value of Nuformix plc. The shares price of Nuformix
plc as at 31 March 2019 was 2.42p per share and there were
460,750,000 shares giving a fair value of GBP11,150,150
substantially in excess of the Group's net assets, including
goodwill, of GBP3,815,330.
As such, the directors do not consider there to be any
indication that the Goodwill is impaired.
16 Trade and other receivables
31 March 31 March
2019 2018
GBP GBP
Trade receivables 887 9,233
Accrued income 10,934 3,449
Prepayments 15,052 25,522
Other receivables 135,992 142,118
---------------------------- --------
162,865 180,322
============================ ========
The fair value of trade and other receivables is considered by
the Directors not to be materially different to the carrying
amounts. No trade receivables are overdue and not impaired.
17 Cash and cash equivalents
31 March 31 March
2019 2018
GBP GBP
Cash at bank 4,261 338,167
================== ==================
The Directors consider that the carrying value of cash and cash
equivalents represents their fair value.
18 Share capital
Allotted, called up and fully paid shares
31 March 31 March
2019 2018
No. GBP No. GBP
Ordinary shares of GBP0.001
each 460,750,000 460,750 460,750,000 460,750
No share transactions took place during the year ended 31 March
2019.
No.
As at 1 April 2017 95,750,000
Acquisition of Nuformix Technologies
Limited 365,000,000
-----------
As at 1 April 2018 and 31 March
2019 460,750,000
-----------
On 16 October 2017 the Company announced that it completed the
reverse acquisition of Nuformix Technologies Limited. In aggregate,
365,000,000 new Ordinary Shares were allotted and issued comprising
57,500,000 new placing shares, 5,250,000 Success fee shares,
2,250,000 Whitman Howard shares and 300,000,000 consideration
shares. The Success fee shares were issued to Messrs P Hughes and A
H Reeves in connection with services rendered for the acquisition
of Nuformix Technologies Limited. The Whitman Howard shares were
issued to Whitman Howard in connection with services rendered for
the acquisition of Nuformix Technologies Limited.
19 Share options and warrants
The Group operates share-based payment arrangements to
remunerate directors and key employees in the form of a share
option scheme. Equity-settled share-based payments are measured at
fair value (excluding the effect of non-market based vesting
conditions) at the date of grant. The fair value is determined at
the grant date of the equity-settled share-based payments is
expensed on a straight line basis over the vesting period, based on
the Group's estimate of shares that will eventually vest and
adjusted for the effect of non-market based vesting conditions.
As part of the reverse acquisition of Nuformix Technologies
Limited the following share-based payments were made in the year to
31 March 2018:
-- 5,250,000 Success Fee shares were issued on 16 October 2017.
The fair value of the shares awarded was GBP210,000 based on the
placement price of 4p per share and was recognised in the year.
-- 2,250,000 Whitman Howard fee shares were issued in connection
with the placing on 16 October 2017. The fair value of the shares
awarded was GBP90,000 based on the placement price of 4p per share
and was recognised in the year.
-- 79,650,050 unapproved share options were issued on 16 October
2017. The options have a one year vesting period, an exercise price
within the range of 4-10p per share and a four year exercise period
from vesting. The fair value of the options was determined as 1.6p
per share and a charge of GBP691,319 (2018: GBP583,082) has been
recognised in the current year.
-- 12,499,950 options under an EMI share option scheme were
issued on 16 October 2017. The options have a one year vesting
period, an exercise price of 4p per share and a four year exercise
period from vesting. The fair value of the options was determined
as 1.7p per share and a charge of GBP115,274 (2018: GBP97,726) has
been recognised in the current year.
-- 1,625,000 Existing director warrants were issued on 15
September 2017. The warrants have a one year vesting period from
the date of re-admission of the Company's shares, an exercise price
of 4p per share and a two year exercise period from vesting. The
fair value of the warrants was determined as 1.4p per share and a
charge of GBP12,341 (2018: GBP12,341) has been recognised in the
current year.
-- 1,250,000 Shakespeare Martineau warrants were issued on 15
September 2017. The warrants have a one year vesting period from
the date of re-admission of the Company's shares, an exercise price
of 4p per share and a two year exercise period from vesting. The
fair value of the options was determined as 1.4p per share and a
charge of GBP9,493 (2018: GBP9,493) has been recognised in the
current year.
-- A convertible loan note agreement of GBP200,000 plus 9%
interest per annum was entered into on 18 April 2017 and
subsequently amended on 24 August 2018. Under the 2018 amendment,
shares and warrants are issuable at conversion into new ordinary
shares at 2.75p (2017: 4p) per share and warrants are exercisable
for a five year (2017: three) period from conversion.
The fair value of the options and warrants issued in 2019 were
determined using the Black-Scholes option pricing model and was a
weighted average of 1.86p per option (2018: 1.61p).
The significant inputs into the model in respect of the options
and warrants granted in the years ended 31 March 2018 and 31 March
2019 were as follows:
2018 2018 2018 2018 2019
Unapproved EMI options Existing Shakespeare Convertible
options director Martineau loan note
warrants warrants
Grant date share
price 4p 4p 4p 4p 2.55p
Exercise price 4-10p 4p 4p 4p 2.75p
No. of share options 79,650,050 12,499,950 1,625,000 1,250,000 8,581,818
Risk free rate 0.5% 0.5% 0.5% 0.5% 0.5%
Expected volatility 50% 50% 50% 50% 95%
Expected option 5 years 5 years 3 years 3 years 5 years
life
The following table sets out details of the granted warrants and
options movements:
Number Number Number
of of of warrants/
warrants/ warrants/ options
options options at Exercise Expiry
Warrant/ at at 31 March price date
option 1 April Issued Expired 31 March Issued Expired 2019
holder 2017 in year in year 2018 in year in year
Directors
during
the year
David
Tapolczay 18,430,000 18,430,000 18,430,000 4p 16/10/22
Joanne
Holland 36,860,000 36,860,000 36,860,000 4-10p 16/10/22
Daniel
Gooding 36,860,000 36,860,000 36,860,000 4-10p 16/10/22
Pascal
Hughes 5,000,000 5,000,000 (5,000,000) -
Pascal 1,625,
Hughes 000 1,625,000 1,625,000 4p 16/10/20
Anthony
Reeves 1,000,000 1,000,000 (1,000,000) -
Success
warrants
Whitman
Howard 250,000 250,000 250,000 4p 16/10/19
Shakespeare
Martineau 1,250,000 1,250,000 1,250,000 4p 16/10/20
EGR warrants 957,500 (957,500) - -
Other
warrants 44,000,000 44,000,000 (44,000,000) -
Convertible
loan note
warrants
Issued April
2017 5,450,000 5,450,000 (5,450,000) -
Issued
August
2018 8,581,818 8,581,818 2.75p 16/5/24
========== =========== ========= =========== ========= ============ ================
51,207,500 100,475,000 (957,500) 150,725,000 8,581,818 (55,450,000) 103,856,818
========== =========== ========= =========== ========= ============ ================
20 Loans and borrowings
31 March 31 March
2019 2018
GBP GBP
Current loans and borrowings
Other borrowings 15,111 22,956
========== ==========
The fair value of other borrowings is considered by the
Directors not to be materially different to the carrying
amounts.
21 Obligations under leases and hire purchase contracts
Operating leases
The Group signed a lease for rental of business premises for 5
years from 17 July 2017. There is a break clause in the lease
allowing notice to be given at the 3 year mark. The total future
value of minimum lease payments is as follows:
31 March 31 March
2019 2018
GBP GBP
Within 1 year 29,400 29,400
In two to five years 9,142 38,542
The amount of non-cancellable operating lease payments
recognised as an expense during the year was GBP27,930 (2018:
GBP19,784).
22 Pension and other schemes
Defined contribution pension scheme
The Group operates a defined contribution pension scheme. The
pension cost charge for the year represents contributions payable
by the Group to the scheme and amounted to GBP2,703 (2018:
GBP1,318).
Contributions totalling GBP1,156 (2018: GBP853) were payable to
the scheme at the end of the year and are included in
creditors.
23 Trade and other payables
31 March 31 March
2019 2018
GBP GBP
Trade payables 322,126 89,613
Accrued expenses 90,033 87,697
Social security and other taxes 145,736 109,398
Outstanding defined contribution pension
costs 1,156 853
Other payables 245,357 223,480
------------ ------------
804,408 511,041
============ ============
The fair value of trade and other payables is considered by the
Directors not to be materially different to the carrying amounts.
All payables are due within three months.
24 Financial instruments
Credit risk
The main credit risk relates to liquid funds held at banks. The
credit risk in respect of these bank balances is limited because
the counterparties are banks with high credit ratings assigned by
international credit rating agencies.
Liquidity
risk
The Group seeks to manage financial risk, to ensure sufficient
liquidity is available to meet foreseeable needs.
An analysis of trade and other payables is given in note 23.
Capital risk management
The Group's objectives when managing capital are:
-- to safeguard the Group's ability to continue as a going
concern, so that it continues to provide returns and benefits for
shareholders;
-- to support the Group's growth; and
-- to provide capital for the purpose of strengthening the Group's risk management capability.
The Group actively and regularly reviews and manages its capital
structure to ensure an optimal capital structure and equity holder
returns, taking into consideration the future capital requirements
of the Group and capital efficiency, prevailing and projected
profitability, projected operating cash flows, projected capital
expenditures and projected strategic investment opportunities.
Management regards total equity as capital and reserves, for
capital management purposes.
25 Related party transactions
All transactions with related parties are conducted on an arm's
length basis.
The remuneration of the key management personnel of the Group,
who are defined as the directors, is set out in the directors'
remuneration report.
Transactions with directors
During the year the Group was invoiced GBP28,000 for management
services by John Lidgey, a director.
Other transactions with directors
During the year the Group made the following related party
transactions:
Dr D Gooding (Director)
Included in creditors due in less than one year is an interest
free loan from Dr D Gooding. At the balance sheet date the amount
owed to Dr D Gooding was GBP4,435 (2018: GBP5,520).
Dr J Holland (Director)
Included in creditors due in less than one year is an interest
free loan from Dr J Holland. At the balance sheet date the amount
owed to Dr J Holland was GBP3,950 (2018: GBP1,836).
26 Ultimate controlling party
The Directors do not consider there to be a single ultimate
controlling party.
27 Post balance sheet events
On 10 May 2019 Dr Chris Blackwell was granted warrants to
subscribe for 3,000,000 new Ordinary shares of GBP0.001 at an
exercise price of 4p each and exercisable at any time within two
years under the terms of his appointment as director of the
Company.
On 16 May 2019 8,716,512 Ordinary shares of GBP0.001 each were
issued fully paid at an exercise price of 2.75p each under the
terms of a Convertible Loan Agreement dated 18 April 2017 (as
amended).
On 16 May 2019 warrants to subscribe for 8,716,512 new Ordinary
shares of GBP0.001 were issued at 2.75p each exercisable at any
time within five years under the terms of a Convertible Loan
Agreement dated 18 April 2017 (as amended).
Company Statement of Financial Position as at 31 March 2019
31 March 31 March
2019 2018
Note GBP GBP
Assets
Non-current assets
Investment in subsidiary 31 11,250,000 11,250,000
----------- -----------
11,250,000 11,250,000
----------- -----------
Current assets
Trade and other receivables 32 1,127,454 1,476,945
Cash and cash equivalents 33 2,245 567
----------- -----------
1,129,699 1,477,512
----------- -----------
Total assets 12,379,699 12,727,512
=========== ===========
Equity and liabilities
Equity
Share capital 18 460,750 460,750
Share premium 2,932,590 2,932,590
Merger relief reserve 10,950,000 10,950,000
Share option reserve 1,708,252 724,837
Retained earnings (4,015,779) (2,623,105)
----------- -----------
Total equity 12,035,813 12,445,072
----------- -----------
Current liabilities
Trade and other payables 34 343,886 282,440
----------- -----------
343,886 282,440
----------- -----------
Total equity and liabilities 12,379,699 12,727,512
=========== ===========
The loss attributable to the Company in the year was
GBP1,392,674 (2018: loss GBP1,587,627).
These financial statements were approved by the board on 17 July
2019 and were signed on its behalf by:
Dan Gooding
CEO
17 July 2019
The accompanying notes form an integral part of the financial
statements.
Company Statement of Changes in Equity for the Year Ended 31
March 2019
Merger relief Share option
Share capital Share premium reserve reserve Retained earnings Total
GBP GBP GBP GBP GBP GBP
At 1 April 2018 460,750 2,932,590 10,950,000 724,837 (2,623,105) 12,445,072
Loss for the year and
total comprehensive
income - - - - (1,392,674) (1,392,674)
Share and warrant based
payment - - - 975,926 - 975,926
Equity element of
convertible
loan note - - - 7,489 - 7,489
-------------- ------------- -------------- ------------- ----------------- -----------
At 31 March 2019 460,750 2,932,590 10,950,000 1,708,252 (4,015,779) 12,035,813
-------------- ------------- -------------- ------------- ----------------- -----------
Merger relief Share option
Share capital Share premium reserve reserve Retained earnings Total
GBP GBP GBP GBP GBP GBP
At 1 April 2017 95,750 737,440 - 22,695 (1,035,477) (179,592)
Loss for the year and
total comprehensive
income - - - - (1,587,628) (1,587,628)
Share issues 357,500 2,242,500 10,950,000 - - 13,550,000
Share issue costs - (339,850) - - - (339,850)
Share based payment 7,500 292,500 - 702,142 - 1,002,142
-------------- ------------- -------------- ------------- ----------------- -----------
At 31 March 2018 460,750 2,932,590 10,950,000 724,837 (2,623,105) 12,445,072
-------------- ------------- -------------- ------------- ----------------- -----------
The accompanying notes to form an integral part of the financial
statements.
Company Statement of Cash Flows for the Year Ended 31 March
2019
2019 2018
Note GBP GBP
Cash flows from operating activities
Loss for the year (1,392,674) (1,587,628)
Adjustments to cash flows from non-cash
items
Finance costs 24,920 18,000
Share and warrant based payment 975, 926 1,002,142
Equity element of convertible loan
note 7,489 -
=========== ===========
(384,339) (567,486)
Working capital adjustments
(Increase) in trade and other receivables 32 (54,272) (73,850)
Increase / (decrease) in trade and
other payables 33 36,526 (134,775)
----------- -----------
Net cash flow from operating activities (402,085) (776,111)
----------- -----------
Cash flows from investing activities
Loan to subsidiary - (2,338,750)
Loan repayments from subsidiary 403,763 949,382
----------- -----------
Net cash used in investing activities 403,763 (1,389,368)
----------- -----------
Cash flows from financing activities
Issue of shares (net of costs) - 1,960,150
Issue of convertible debt - 200,000
----------- -----------
Net cash flows from financing activities - 2,160,150
----------- -----------
Net increase / (decrease) in cash and
cash equivalents 1,678 (5,328)
Cash and cash equivalents at 1 April 567 5,895
----------- -----------
Cash and cash equivalents at 31 March 2,245 567
=========== ===========
The accompanying notes form an integral part of the financial
statements.
Notes to the Company Financial Statements for the Year Ended 31
March 2019
28 Significant accounting policies
Basis of preparation
The separate financial statements of the Company are presented
as required by the Companies Act 2006. As permitted by that Act,
the separate financial statements have been prepared in accordance
with IFRSs as adopted by the EU.
The financial statements have been prepared on the historical
cost basis. The principal accounting policies adopted are the same
as those set out in note 2 to the Consolidated Financial
Statements. In addition, Investments in subsidiaries are stated at
cost less, where appropriate, provision for impairment.
29 Loss attributable to shareholders
Under section 408 of the Companies Act 2006 the Company is
exempt from the requirement to present its own income statement.
The loss attributable to the Company in the year was GBP1,392,674
(2018: loss GBP1,587,627).
30 Staff costs
The aggregate payroll costs (including directors' remuneration)
were as follows:
2019 2018
GBP GBP
Wages and salaries - -
The average number of persons employed by the Company (including
directors) during the year was as follows:
2019 2018 No.
No.
- -
========================= ========
31 Investment in Subsidiary
GBP
As at 1 April 2018 and 31 March
2019 11,250,000
----------
Details in respect of the reverse acquisition of Nuformix
Technologies Limited, registered offices at Unit 153, Cambridge
Science Park, Milton Road, Cambridge, CB4 0GN, England, which was
completed on 16 October 2017, are shown in note 3 to the
Consolidated Financial Statements.
The Company has the following interests in subsidiaries:
Name Country of Incorporation Equity interest
2019 2018
Nuformix Technologies Limited United Kingdom 100% 100%
32 Trade and other receivables
31 March 31 March
2019 2018
GBP GBP
Amount owed by Group undertakings 985,605 1,389,368
Prepayments 5,857 13,579
Other receivables 135,992 73,998
---------------------------------- ---------
1,127,454 1,476,945
================================== =========
The fair value of trade and other receivables is considered by
the Directors not to be materially different to the carrying
amounts.
33 Cash and cash equivalents
31 March 31 March
2019 2018
GBP GBP
Cash at bank 2,245 567
================== ==================
The Directors consider that the carrying value of cash and cash
equivalents represents their fair value.
34 Trade and other payables
31 March 31 March
2019 2018
GBP GBP
Trade payables 43,616 8,281
Accrued expenses 64,739 56,059
Other payables 235,531 218,100
------------ ------------
343,886 282,440
============ ============
The fair value of trade and other payables is considered by the
Directors not to be materially different to the carrying
amounts.
35 Financial instruments
Credit risk
The main credit risk relates to liquid funds held at banks. The
credit risk in respect of these bank balances is limited because
the counterparties are banks with high credit ratings assigned by
international credit rating agencies.
Liquidity risk
The Company seeks to manage financial risk, to ensure sufficient
liquidity is available to meet foreseeable needs.
An analysis of trade and other payables is given in note 34.
Capital risk management
The Company's objectives when managing capital are:
-- to safeguard the Company's ability to continue as a going
concern, so that it continues to provide returns and benefits for
shareholders;
-- to support the Company's growth; and
-- to provide capital for the purpose of strengthening the Company's risk management capability.
The Company actively and regularly reviews and manages its
capital structure to ensure an optimal capital structure and equity
holder returns, taking into consideration the future capital
requirements of the Company and capital efficiency, prevailing and
projected profitability, projected operating cash flows, projected
capital expenditures and projected strategic investment
opportunities. Management regards total equity as capital and
reserves, for capital management purposes.
36 Related parties
The Company's related parties are the directors and other Group
companies.
The remuneration of the key management personnel of the Group,
who are defined as the directors, is set out in the directors'
remuneration report. Details of the fair value of transaction with
key management and their close family members is included in note
25.
All amounts outstanding with related parties are unsecured and
will be settled in cash. No guarantees have been given or received
in respect of amounts outstanding. No provisions have been made for
doubtful debts in respect of the amounts owed by the related
parties.
At the balance sheet date, the amounts due from other Group
companies were as follows:
31 March 31 March
2019 2018
GBP GBP
Nuformix Technologies Limited 985,605 1,389,368
The fair value of trade and other payables is considered by the
Directors not to be materially different to the carrying
amounts.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR VDLFFKDFFBBQ
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July 18, 2019 02:00 ET (06:00 GMT)
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