Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31false8The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-08-01research and development in biotechnology, specifically cancer treatment in humans.6falsetrue 12082645 2022-08-01 2023-07-31 12082645 2021-08-01 2022-07-31 12082645 2023-07-31 12082645 2022-07-31 12082645 1 2022-08-01 2023-07-31 12082645 d:Director8 2022-08-01 2023-07-31 12082645 c:PlantMachinery 2022-08-01 2023-07-31 12082645 c:PlantMachinery 2023-07-31 12082645 c:PlantMachinery 2022-07-31 12082645 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 12082645 c:OfficeEquipment 2022-08-01 2023-07-31 12082645 c:OfficeEquipment 2023-07-31 12082645 c:OfficeEquipment 2022-07-31 12082645 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 12082645 c:ComputerEquipment 2022-08-01 2023-07-31 12082645 c:ComputerEquipment 2023-07-31 12082645 c:ComputerEquipment 2022-07-31 12082645 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 12082645 c:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 12082645 c:CurrentFinancialInstruments 2023-07-31 12082645 c:CurrentFinancialInstruments 2022-07-31 12082645 c:Non-currentFinancialInstruments 2023-07-31 12082645 c:Non-currentFinancialInstruments 2022-07-31 12082645 c:CurrentFinancialInstruments c:WithinOneYear 2023-07-31 12082645 c:CurrentFinancialInstruments c:WithinOneYear 2022-07-31 12082645 c:Non-currentFinancialInstruments c:AfterOneYear 2023-07-31 12082645 c:Non-currentFinancialInstruments c:AfterOneYear 2022-07-31 12082645 c:ShareCapital 2023-07-31 12082645 c:ShareCapital 2022-07-31 12082645 c:SharePremium 2023-07-31 12082645 c:SharePremium 2022-07-31 12082645 c:RetainedEarningsAccumulatedLosses 2023-07-31 12082645 c:RetainedEarningsAccumulatedLosses 2022-07-31 12082645 c:AcceleratedTaxDepreciationDeferredTax 2023-07-31 12082645 c:AcceleratedTaxDepreciationDeferredTax 2022-07-31 12082645 d:OrdinaryShareClass1 2022-08-01 2023-07-31 12082645 d:OrdinaryShareClass1 2023-07-31 12082645 d:OrdinaryShareClass1 2022-07-31 12082645 d:OrdinaryShareClass2 2022-08-01 2023-07-31 12082645 d:OrdinaryShareClass2 2023-07-31 12082645 d:OrdinaryShareClass2 2022-07-31 12082645 d:OrdinaryShareClass3 2022-08-01 2023-07-31 12082645 d:OrdinaryShareClass3 2023-07-31 12082645 d:OrdinaryShareClass3 2022-07-31 12082645 d:FRS102 2022-08-01 2023-07-31 12082645 d:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 12082645 d:FullAccounts 2022-08-01 2023-07-31 12082645 d:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12082645 13 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12082645









MYRICX PHARMA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
MYRICX PHARMA LIMITED
REGISTERED NUMBER: 12082645

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
47,482
64,852

  
47,482
64,852

Current assets
  

Debtors: amounts falling due within one year
 5 
607,579
667,735

Cash at bank and in hand
  
985,106
1,526,888

  
1,592,685
2,194,623

Creditors: amounts falling due within one year
 6 
(5,313,831)
(276,188)

Net current (liabilities)/assets
  
 
 
(3,721,146)
 
 
1,918,435

Total assets less current liabilities
  
(3,673,664)
1,983,287

Creditors: amounts falling due after more than one year
 7 
-
(3,162,247)

Provisions for liabilities
  

Deferred tax
 9 
(11,170)
(16,125)

  
 
 
(11,170)
 
 
(16,125)

Net liabilities
  
(3,684,834)
(1,195,085)


Capital and reserves
  

Called up share capital 
  
76
76

Share premium account
  
4,999,950
4,999,950

Profit and loss account
  
(8,684,860)
(6,195,111)

  
(3,684,834)
(1,195,085)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

Page 1

 
MYRICX PHARMA LIMITED
REGISTERED NUMBER: 12082645
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 February 2024.




................................................
Dr R A E Carr
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MYRICX PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

The principal activity of the Company is research and development in biotechnology, specifically cancer treatment in humans.
The Company is a private company, limited by shares and incorporated in England & Wales.
The registered office is 125 Wood Street, London, United Kingdom, EC2V 7AW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Research and development

Research and development costs are expensed as incurred.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
MYRICX PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
MYRICX PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Page 5

 
MYRICX PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 
2.9

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Statement of Financial Position.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 6).

Page 6

 
MYRICX PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
90,511
694
5,045
96,250


Additions
-
-
2,874
2,874



At 31 July 2023

90,511
694
7,919
99,124



Depreciation


At 1 August 2022
29,131
335
1,932
31,398


Charge for the year on owned assets
18,102
139
2,003
20,244



At 31 July 2023

47,233
474
3,935
51,642



Net book value



At 31 July 2023
43,278
220
3,984
47,482



At 31 July 2022
61,380
359
3,113
64,852


5.


Debtors

2023
2022
£
£


Other debtors
575,434
652,029

Prepayments and accrued income
32,145
15,706

607,579
667,735


Page 7

 
MYRICX PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
4,924,475
-

Trade creditors
370,912
155,199

Other taxation and social security
14,580
24,865

Other creditors
864
354

Accruals and deferred income
3,000
95,770

5,313,831
276,188


During the year, the entity issued convertible loan notes to the amount of £1,500,000, with a coupon rate of 6% per annum above the Bank of England base rate, increasing the original principal amount of the loan from £3,000,000 to £4,500,000. The conversion date of the loan will be the same as the completion of a future Series A fundraising. In the event of a default the full amount is repayable immediately or can be elected to convert the amount due into Conversion Shares.
On 24 August 2023, the convertible loan note liability at year end was converted to 4,746,563 Seed Shares of £0.00001 each.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
-
3,162,247



8.


Pension Contributions

The Company contributes into 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 £3,276 (2022 -
£1,253). Contributions totalling £865 (2022 - £353) were payable to the fund at the balance sheet
date and are included in creditors.





 

Page 8

 
MYRICX PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Deferred taxation




2023


£






At beginning of year
(16,125)


Charged to profit or loss
4,955



At end of year
(11,170)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,170)
(16,125)

(11,170)
(16,125)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,000,000 (2022 - 5,000,000) Seed Shares shares of £0.00001 each
50
50
800,000 (2022 - 800,000) T Ordinary shares of £0.00001 each
8
8
1,800,000 (2022 - 1,800,000) Ordinary shares of £0.00001 each
18
18

76

76



11.


Post balance sheet events

On 24 August 2023, the Company issued 4,000,000 Seed Shares of £0.00001 each for £1.00 per share. On the same day, the Company converted the outstanding convertible loan note liability to share capital by issuing 4,746,563 Seed Shares of £0.00001 each. The company also received payment of £4,000,000 on the same day. 

 
Page 9