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REGISTERED NUMBER: 11995982 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

MAHANA THERAPEUTICS LTD.

MAHANA THERAPEUTICS LTD. (REGISTERED NUMBER: 11995982)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MAHANA THERAPEUTICS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







Directors: S Levy
J W Scholefield
J Zamirowski





Registered office: Suite 2 First Floor
10 Temple Back
Bristol
BS1 6FL





Registered number: 11995982 (England and Wales)






MAHANA THERAPEUTICS LTD. (REGISTERED NUMBER: 11995982)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Debtors: amounts falling due within one year 4 48,020 23,391
Cash at bank 39,950 29,050
87,970 52,441
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

5

(32,151

)

(34,618

)
NET CURRENT ASSETS 55,819 17,823
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,819

17,823

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

6

-

(3,499

)
NET ASSETS 55,819 14,324

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserve 21,728 1,616
Retained earnings 34,090 12,707
55,819 14,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:





S Levy - Director


MAHANA THERAPEUTICS LTD. (REGISTERED NUMBER: 11995982)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

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

The presentation and functional currency of the financial statements is Pounds Sterling (£). Balances are rounded to the nearest whole £.

2. ACCOUNTING POLICIES

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

Related party exemption
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.

Revenue
Turnover represents amounts charged to the Company's parent under an agreement for marketing and sales support provided, excluding value added tax. Revenue is recognised when chargeable costs are incurred.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

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

Current or deferred taxation assets and liabilities are not discounted.

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


MAHANA THERAPEUTICS LTD. (REGISTERED NUMBER: 11995982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of profit and loss in other operating expenses.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Share-based payments
The cost of equity-based transactions with employees is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends at the date on which the relevant employee becomes fully entitled to the award. Fair value is determined using an appropriate pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and managements best estimate of the achievement or other conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the statement of profit and loss, with a corresponding entry in equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 44,232 16,638
VAT 530 5,485
Deferred tax asset 714 368
Prepayments 2,544 900
48,020 23,391

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Tax 10,080 3,030
Social security and other taxes 22,071 3,879
Accrued expenses - 27,709
32,151 34,618

MAHANA THERAPEUTICS LTD. (REGISTERED NUMBER: 11995982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Long term deferred revenue - 3,499

7. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Mahana Therapeutics, Inc. which is incorporated in United States of America. The results of the company are consolidated in the financial statements of Mahana Therapeutics, Inc. and publicly available from One Market Spear Tower, 36th Floor, San Francisco, CA 94105.

8. SHARE-BASED PAYMENT TRANSACTIONS

The company has taken advantage of the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.

9. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £41,275 (2021 - £11,337). Contributions totalling £3,756 (2021 - £3,879) were payable to the fund at the balance sheet date and are included in creditor.