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REGISTERED NUMBER: 12760846 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

TAGOMICS LTD

TAGOMICS LTD (REGISTERED NUMBER: 12760846)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TAGOMICS LTD

COMPANY INFORMATION
for the year ended 31 July 2023







DIRECTORS: P Bamford
IQ Capital Directors Nominees Ltd
J Kennefick
K Malloy
R K Neely


SECRETARY: Ms E R Dainty


REGISTERED OFFICE: Seven Stars House
1 Wheler Road
Coventry
CV3 4LB


REGISTERED NUMBER: 12760846 (England and Wales)


SENIOR STATUTORY AUDITOR: Gregg Olner MPhil BA(Hons) FCA


AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB


BANKERS: Metro Bank Plc
1 Southampton Row
London
WC1B 5HA


SOLICITORS: Taylor Wessing LLP
5 New Street Square
London
EC4A 3TW

TAGOMICS LTD (REGISTERED NUMBER: 12760846)

BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,312 30,367

CURRENT ASSETS
Debtors 5 75,244 113,798
Cash at bank 163,911 354,313
239,155 468,111
CREDITORS
Amounts falling due within one year 6 50,403 2,854
NET CURRENT ASSETS 188,752 465,257
TOTAL ASSETS LESS CURRENT
LIABILITIES

215,064

495,624

CAPITAL AND RESERVES
Called up share capital 7 3 3
Other reserves 8 1,129,414 750,000
Retained earnings 8 (914,353 ) (254,379 )
SHAREHOLDERS' FUNDS 215,064 495,624

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 1 February 2024 and were signed on its behalf by:





J Kennefick - Director


TAGOMICS LTD (REGISTERED NUMBER: 12760846)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Tagomics 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.

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.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - at varying rates on cost
Computer equipment - Straight line over 3 years

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

A grant is recognised in income when the grant proceeds are received (or receivable) provided that the terms of the grant do not impose future performance-related conditions.

If the terms of a grant do impose performance-related conditions, the grant is only recognised in income when the performance-related conditions are met.

Any grants that are received before the revenue recognition criteria are met are recognised in the entity's financial statements as a liability.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

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 income statement.

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.


TAGOMICS LTD (REGISTERED NUMBER: 12760846)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant & Computer
machinery equipment Totals
£    £    £   
COST
At 1 August 2022 31,653 4,203 35,856
Additions - 1,996 1,996
At 31 July 2023 31,653 6,199 37,852
DEPRECIATION
At 1 August 2022 4,654 835 5,489
Charge for year 4,540 1,511 6,051
At 31 July 2023 9,194 2,346 11,540
NET BOOK VALUE
At 31 July 2023 22,459 3,853 26,312
At 31 July 2022 26,999 3,368 30,367

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 75,244 113,798

TAGOMICS LTD (REGISTERED NUMBER: 12760846)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 611 (660 )
Taxation and social security 8,474 2,759
Other creditors 41,318 755
50,403 2,854

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,500,000 Ordinary shares £0.000001 3 3

On incorporation the company had 10,000 £0.0001 Ordinary shares. On 4th May 2021 this share capital was sub-divided to 1,000,000 £0.000001 Ordinary shares. On 4th May 2021 a further 1,500,000 £0.000001 Ordinary shares were issued and allotted.

8. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 August 2022 (254,379 ) 750,000 495,621
Deficit for the year (659,974 ) (659,974 )
Additional SAFE investment - 379,414 379,414
At 31 July 2023 (914,353 ) 1,129,414 215,061

Included within other reserves are balances relating to SAFE investments. On 4th May 2021 Start Codon invested £250,000 under a Simple Agreement for Future Equity (SAFE). On the same date, IQ Capital Fund III LP and IQ Capital Fund III C LP invested £500,000 on the same basis. On 25th November 2022 £229,414 was invested by IQ Capital Fund A. A further £150,000 was invested by the University of Birmingham on the 16th of December 2022.

These investments will convert to shares on a qualifying event.

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

The Report of the Auditors was unqualified.

Gregg Olner MPhil BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited