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COMPANY REGISTRATION NUMBER: 12385038
Sutura Therapeutics Limited
Filleted Unaudited Financial Statements
31 December 2023
Sutura Therapeutics Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Sutura Therapeutics Limited
Officers and Professional Advisers
The board of directors
T Hanke
V Knappertz
JJ Noble
Dr E J Wagena
Registered office
Alderley Park
Congleton Road
Macclesfield
SK10 4TG
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Sutura Therapeutics Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Sutura Therapeutics Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
16 February 2024
Sutura Therapeutics Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
104,167
154,167
Tangible assets
6
361,876
474,190
---------
---------
466,043
628,357
Current assets
Debtors
7
99,498
70,474
Cash at bank and in hand
930,665
652,196
------------
---------
1,030,163
722,670
Creditors: amounts falling due within one year
8
2,228,761
479,519
------------
---------
Net current (liabilities)/assets
( 1,198,598)
243,151
------------
---------
Total assets less current liabilities
( 732,555)
871,508
---------
---------
Net (liabilities)/assets
( 732,555)
871,508
---------
---------
Capital and reserves
Called up share capital
1,436
1,436
Share premium account
5,573,676
5,611,744
Share options reserve
32,634
Profit and loss account
( 6,340,301)
( 4,741,672)
------------
------------
Shareholders (deficit)/funds
( 732,555)
871,508
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sutura Therapeutics Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
Dr E J Wagena
Director
Company registration number: 12385038
Sutura Therapeutics Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alderley Park, Congleton Road, Macclesfield, SK10 4TG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In our opinion, on the basis of information and enquiries that are pertinent to the company's circumstances and which we believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular we believe that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intellectual property
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
20% straight line
Computer Equipment
-
33% straight line
Laboratory Equipment
-
20% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 10 ).
5. Intangible assets
Intellectual property
£
Cost
At 1 January 2023 and 31 December 2023
250,000
---------
Amortisation
At 1 January 2023
95,833
Charge for the year
50,000
---------
At 31 December 2023
145,833
---------
Carrying amount
At 31 December 2023
104,167
---------
At 31 December 2022
154,167
---------
6. Tangible assets
Plant and machinery
Cleanrooms
Equipment
Laboratory equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
882
45,000
123,192
392,862
561,936
Additions
113
1,402
17,609
19,124
Disposals
( 224)
( 45,000)
( 9,144)
( 19,173)
( 73,541)
----
--------
---------
---------
---------
At 31 December 2023
771
115,450
391,298
507,519
----
--------
---------
---------
---------
Depreciation
At 1 January 2023
130
44,552
43,064
87,746
Charge for the year
184
31,109
37,864
69,157
Disposals
( 108)
( 5,081)
( 6,071)
( 11,260)
----
--------
---------
---------
---------
At 31 December 2023
206
70,580
74,857
145,643
----
--------
---------
---------
---------
Carrying amount
At 31 December 2023
565
44,870
316,441
361,876
----
--------
---------
---------
---------
At 31 December 2022
752
45,000
78,640
349,798
474,190
----
--------
---------
---------
---------
The Cleanrooms asset class has not been depreciated in the year ended 31 December 2022 as the asset was not yet in use for the reporting period.
7. Debtors
2023
2022
£
£
Trade debtors
16,080
Other debtors
83,418
70,474
--------
--------
99,498
70,474
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
44,475
62,476
Social security and other taxes
17,927
28,500
Other creditors
2,166,359
388,543
------------
---------
2,228,761
479,519
------------
---------
Included within other creditors is £2,133,259 (2022 : £319,229) of convertible debt .
9. Share-based payments
The company has an EMI share options scheme in place with 7,545 (2022 : 6,200) options granted to 7 (2022 : 4) employees (one of whom is a director). Of these, none (2022 : nil) were exercised and 1,000 (2022 : 2,800) lapsed in the year and the carried forward balance of share options is 13,745 (2022 : 6,200). The exercise price per option is £6.59/£7.91 (2022 : £45).
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
52,521
151,910
--------
---------