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REGISTERED NUMBER: 09990238 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

INFEX THERAPEUTICS LIMITED

INFEX THERAPEUTICS LIMITED (REGISTERED NUMBER: 09990238)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


INFEX THERAPEUTICS LIMITED

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTORS: Dr P Jackson
Dr C Doherty
Mr J P Moulton
Professor C Leonard



REGISTERED OFFICE: Mereside
Alderley Park
Macclesfield
Cheshire
SK10 4TG



REGISTERED NUMBER: 09990238 (England and Wales)



AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Barclays Bank PLC
51 Mosley Street
Manchester
M2 3HQ

INFEX THERAPEUTICS LIMITED (REGISTERED NUMBER: 09990238)

STATEMENT OF FINANCIAL POSITION
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,465 30,954

CURRENT ASSETS
Debtors 5 706,365 672,406
Cash at bank 262,388 39,073
968,753 711,479
CREDITORS
Amounts falling due within one year 6 1,172,477 1,394,282
NET CURRENT LIABILITIES (203,724 ) (682,803 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(188,259

)

(651,849

)

CREDITORS
Amounts falling due after more than one
year

7

5,957,479

2,542,807
NET LIABILITIES (6,145,738 ) (3,194,656 )

CAPITAL AND RESERVES
Called up share capital 92,043 92,043
Share premium 9 6,098,910 6,098,910
Equity reserves 9 24,500 24,500
Retained earnings 9 (12,361,191 ) (9,410,109 )
SHAREHOLDERS' FUNDS (6,145,738 ) (3,194,656 )

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





Dr P Jackson - Director


INFEX THERAPEUTICS LIMITED (REGISTERED NUMBER: 09990238)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Infex Therapeutics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Going concern
The company has recorded a loss of £2,951,082 after taxation for the year ended 31 July 2023 and has net liabilities of £6,145,738, of which £5,957,479 is owed to the parent company, Infex Therapeutics Holdings PLC, who have confirmed their ongoing financial support for the foreseeable future.

An additional loan facility has been put in place by the parent company of £3.5m since the year end which is available but not yet drawn down, with additional fundraising proposed during 2023/24.
The company continues to benefit from Government Grants and Research and Development tax credits to support research activities, and provide working capital to the business.

After making enquiries and considering current actions, future plans and forecasts, the directors have a reasonable expectation that the company will have adequate resources, both financial and management, to continue in operational existence for the foreseeable future. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and impairment.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Lab equipment- 20% - 33% on cost
Office equipment- 33% - 50% on cost
Computer equipment- 33% - 50% on cost

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

INFEX THERAPEUTICS LIMITED (REGISTERED NUMBER: 09990238)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. Other financial assets and liabilities shall be measured at amortised cost using the effective interest rate.

Share-based payments are recognised at fair value with the expense charged to the profit or loss account in the relevant expense category.

Taxation
Taxation comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred, and the relevant tax credits are to be claimed where applicable.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grant income
The company is currently in receipt of a grant from UK Research & Innovation. Grant income received has been recognised in the accounts to agree to the value expended. Additional amounts received have been recognised as deferred grant income in the balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 23 ) .

INFEX THERAPEUTICS LIMITED (REGISTERED NUMBER: 09990238)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Lab Office Computer
equipment equipment equipment Totals
£    £    £    £   
COST
At 1 August 2022
and 31 July 2023 141,923 5,243 5,990 153,156
DEPRECIATION
At 1 August 2022 110,969 5,243 5,990 122,202
Charge for year 15,489 - - 15,489
At 31 July 2023 126,458 5,243 5,990 137,691
NET BOOK VALUE
At 31 July 2023 15,465 - - 15,465
At 31 July 2022 30,954 - - 30,954

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 132,647 346,754
Tax 440,865 224,563
VAT 69,576 28,790
Prepayments and accrued income 63,277 72,299
706,365 672,406

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 747,982 422,101
Social security and other taxes 36,424 29,420
Other creditors 218,750 239,366
Accrued expenses 169,321 326,828
Deferred grants - 376,567
1,172,477 1,394,282

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 5,957,479 2,542,807

Whilst the group loan of £5,957,479 is repayable on demand, the company has received written confirmation that these monies will not become payable in the foreseeable future.

8. SECURED DEBTS

A fixed and floating charge covering all the property and undertakings of the company has been registered in favour of Moulton Goodies Limited, a company under the control of director, Mr J P Moulton.

INFEX THERAPEUTICS LIMITED (REGISTERED NUMBER: 09990238)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

9. RESERVES


Retained
earnings
£
At 1 August 2022(9,410,109)
Loss in the year(3,495,136)
At 31 July 2023(12,905,245)

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst

11. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £320,325 (2022 - £467,674).

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company and its parent received funds from a company in which a director holds a significant interest.

13. ULTIMATE CONTROLLING PARTY

The company is wholly owned by Infex Therapeutics Holdings PLC, with Mr J Moulton and Catapult Life Sciences Gp Llp acting as the ultimate controlling parties.

14. SHARE-BASED PAYMENT TRANSACTIONS

A warrant to subscribe for 50,000 Ordinary shares of £0.01 each at a subscription price of £1 each was granted on 19 July 2017 to Acceleris Capital Limited. The shares can be exercised until 19 July 2024.
Under the provisions of FRS 102 Section 1A the fair value of the vested shares of £25,000, calculated using other share transactions at that date, was expensed to the profit and loss account in the period to 31 July 2017. No warrants were exercised in the year to 31 July 2023.