Venture Capital &
Private Equity Services
BACKGROUND:
Our involvement with Nanoco began in 2005 as a start-up venture when it was spun out of Manchester University, back then the company employed less than half a dozen employees and maintained no accounting records, by contrast the company today has some 65 employees and is listed on AIM where it is valued at £0.1bn.
OUR INVOLVEMENT:
One continuous theme which has run throughout our involvement with Nanoco, has been to help it to contain costs - due to the fact that Nanoco is currently still in the R & D phase and therefore not generating significant revenues. We have therefore always sought to do as much work as possible ourselves in-house so as to keep the use of expensive external advisors to a minimum. Areas in which we have assisted include:
- Payroll and end of year returns
- Monthly management accounts
- The preparation of annual accounts for audit
- Tax computations
- R & D tax refunds
- Grant applications
- VAT returns and the negotiation of repayments
- The generation of internal procedures for the creation of sales invoices, supplier payments, employee expense payments and the setting up of bank accounts and deposits
- Company secretarial function
- The generation of detailed 1 year and multi-year budgets
- The set up and negotiation of insurances and pensions
A second but nevertheless important area in which we have assisted is by being able to do much of our work offsite - thereby keeping to a minimum the amount of expensive office space occupied by non-income generators.