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REGISTERED NUMBER: 12244473 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Crobio Ltd

Crobio Ltd (Registered number: 12244473)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Crobio Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: W Mulhall
R Mulhall





REGISTERED OFFICE: Block 15
Glasshouse Alderley Park
Macclesfield
SK10 4TG





REGISTERED NUMBER: 12244473 (England and Wales)





ACCOUNTANTS: Leigh Christou Ltd
Chartered Certified Accountants
Leofric House
Binley Road
Coventry
CV3 1JN

Crobio Ltd (Registered number: 12244473)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 33,476 35,191
Tangible assets 5 2,261 1,351
35,737 36,542

CURRENT ASSETS
Debtors 6 31,262 1,168
Cash at bank 106,010 3,404
137,272 4,572
CREDITORS
Amounts falling due within one year 7 515,928 7,451
NET CURRENT LIABILITIES (378,656 ) (2,879 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(342,919

)

33,663

CREDITORS
Amounts falling due after more than one
year

8

429

75,480
NET LIABILITIES (343,348 ) (41,817 )

CAPITAL AND RESERVES
Called up share capital 10 900 2
Share premium 11 4,040 -
Retained earnings 11 (348,288 ) (41,819 )
SHAREHOLDERS' FUNDS (343,348 ) (41,817 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

Crobio Ltd (Registered number: 12244473)

Balance Sheet - continued
31 October 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:




R Mulhall - Director



W Mulhall - Director


Crobio Ltd (Registered number: 12244473)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Crobio 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 currency of the financial statements is the Pound Sterling (£).


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 Directors acknowledge the continued losses of the company and the net liability position.

The Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. In making this assessment, the Directors have considered a wide range of information relating to present and future conditions, including the current state of the balance sheet, future projections of profitability, cash flows and capital resources and the longer-term strategy of the business.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Crobio Ltd (Registered number: 12244473)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 4 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 November 2022 37,216
Additions 150
At 31 October 2023 37,366
AMORTISATION
At 1 November 2022 2,025
Amortisation for year 1,865
At 31 October 2023 3,890
NET BOOK VALUE
At 31 October 2023 33,476
At 31 October 2022 35,191

Crobio Ltd (Registered number: 12244473)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 November 2022 - 3,368 3,368
Additions 277 1,819 2,096
At 31 October 2023 277 5,187 5,464
DEPRECIATION
At 1 November 2022 - 2,017 2,017
Charge for year 6 1,180 1,186
At 31 October 2023 6 3,197 3,203
NET BOOK VALUE
At 31 October 2023 271 1,990 2,261
At 31 October 2022 - 1,351 1,351

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Computer
equipment
£   
COST
At 1 November 2022 1,265
Additions 1,590
At 31 October 2023 2,855
DEPRECIATION
At 1 November 2022 791
Charge for year 687
At 31 October 2023 1,478
NET BOOK VALUE
At 31 October 2023 1,377
At 31 October 2022 474

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 24,964 -
Directors' current accounts 999 -
VAT 2,438 1,066
Prepayments 2,861 102
31,262 1,168

Crobio Ltd (Registered number: 12244473)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 31 -
Other loans 499,517 412
Hire purchase contracts 859 -
Trade creditors 2,212 204
Social security and other taxes 3,662 136
Other creditors 2,175 15
Pension creditor 454 -
Directors' current accounts 4,461 5,567
Accrued expenses 2,557 1,117
515,928 7,451

Other loans includes 75,000 £1.00 secured convertible loan notes (40,000 issued 18 June 2020, 35,000 issued 3 November 2021). The loan notes do not bear interest. Following the share issue in the year, the holders of the secured convertible loan noted have the right to convert 75,000 £1 secured convertible loans notes into £225,000 of share capital, or have the loans notes repaid. The noteholders have not chosen to exercise these rights before the year end.

Other loans includes £222,366 relating to US$275,000 loan convertible into 11.2% preferred equity interest. The funding will convert into 11.2% preferred equity interest in the company immediately prior to the Company's next equity financing.

Other loans includes £202,151 relating to US$250,000 loan convertible into 4.2% preferred equity interest. The funding will convert into 4.2% preferred equity interest in the company immediately prior to the Company's next equity financing.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Other loans - 2-5 years - 75,480
Hire purchase contracts 429 -
429 75,480

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Other loans 499,517 75,892
Hire purchase contracts 1,288 -
500,805 75,892

Convertible loan notes are secured through a floating charge against the present and future rights of the company.

Crobio Ltd (Registered number: 12244473)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
880 Ordinary £1 900 2

At the start of the year, 2 Ordinary shares of £1 were in issue.

On 31st December 2022, 878 Ordinary shares of £1 were issued at par.

On 31st January 2023, 2 Ordinary shares of £1 were issued at £203 per share.

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2022 (41,819 ) - (41,819 )
Deficit for the year (306,469 ) (306,469 )
Cash share issue - 4,040 4,040
At 31 October 2023 (348,288 ) 4,040 (344,248 )

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
R Mulhall
Balance outstanding at start of year (567 ) (781 )
Amounts advanced 1,656 297
Amounts repaid (90 ) (83 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 999 (567 )

W Mulhall
Balance outstanding at start of year (5,000 ) (5,000 )
Amounts advanced 10,657 -
Amounts repaid (10,118 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,461 ) (5,000 )

All directors loans are interest free and have no set terms of repayment.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of their shareholdings.