Company registration number 10687784 (England and Wales)
SIXFOLD BIOSCIENCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SIXFOLD BIOSCIENCE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SIXFOLD BIOSCIENCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
275,504
294,475
Current assets
Debtors
4
352,449
96,412
Cash at bank and in hand
542,200
736,433
894,649
832,845
Creditors: amounts falling due within one year
5
(365,403)
(386,640)
Net current assets
529,246
446,205
Total assets less current liabilities
804,750
740,680
Creditors: amounts falling due after more than one year
6
(8,143)
(14,127)
Net assets
796,607
726,553
Capital and reserves
Called up share capital
3
3
Other reserves
8
7,560,666
4,918,645
Profit and loss reserves
(6,764,062)
(4,192,095)
Total equity
796,607
726,553

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SIXFOLD BIOSCIENCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
Dr G W Foot
Director
Company Registration No. 10687784
SIXFOLD BIOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Sixfold Bioscience Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Imperial College, White City Incubator, Translation And Innovation Hub, London, United Kingdom, W12 0BZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
33% on cost
Computers
33% on cost
1.3
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged as an expense as they fall due.

1.4
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period.

The company accounts for forfeitures of employee awards as they occur. If an employee forfeits an award because they fail to complete the requisite service period, the company will reverse compensation cost previously recognised in the period the award is forfeited.

1.5
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SIXFOLD BIOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
26
24
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
377,393
469
28,416
406,278
Additions
52,261
-
0
-
0
52,261
At 31 December 2023
429,654
469
28,416
458,539
Depreciation and impairment
At 1 January 2023
94,258
104
17,441
111,803
Depreciation charged in the year
63,571
125
7,536
71,232
At 31 December 2023
157,829
229
24,977
183,035
Carrying amount
At 31 December 2023
271,825
240
3,439
275,504
At 31 December 2022
283,135
365
10,975
294,475
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,000
Other debtors
352,449
91,412
352,449
96,412
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
105,323
615
Taxation and social security
45,769
-
0
Other creditors
214,311
386,025
365,403
386,640
SIXFOLD BIOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
8,143
14,127
7
Share-based payment transactions

Prior issuances of equity for cash have been at very low prices that do not indicate fair value for equity-settled option awards. Because of this, management do not believe that standard methods such as the Black-Scholes Pricing model are appropriate. In Sixfold Bioscience Inc, SAFE financing has been received in relation to agreements for pre and post-money equity caps, but no equity has yet been issued. Therefore, management have used best estimates to calculate a fair value for prior awards, including discounts (where applicable) for non-marketability, and for lack of control. The fair values for options granted range between $0.23 and $0.91.

 

Under the Sixfold Bioscience Inc 2021 Stock Incentive Plan, equity-based compensation awards are granted to certain of our employees eligible to participate in the 2021 Plan. Stock options permit a recipient to purchase Sixfold Bioscience Inc common stock upon vesting at the price on the date the option was granted.

 

All stock options granted to eligible employees primarily vest ratably with a one year cliff, over a period of 4 years beginning on each anniversary of the vesting start date. Vesting of stock option awards issued is conditional based on continuous service by the employee. Stock option awards have a contractual expiration term of 10 years from the date of grant.

 

8
Other reserves

Other reserves consists of a capital contribution reserve and a share based redemption reserve.

 

The capital contribution reserve of £4,780,293 (2022 : £3,125,873) represents a capital contribution from the parent company deemed not distributable currently.

 

The share based redemption reserve is £2,780,373 at 31 December 2023 (2022 : £1,792,772).

9
Parent company

The company was controlled throughout the year by its immediate parent company, Sixfold Bioscience Inc, a company incorporated in the state of Delaware, USA.

SIXFOLD BIOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Prior period adjustment

Prior year adjustment 1

A prior year adjustment totaling £226,174 pertains to the financial statements for the year ending 31 December 2022. It was identified that there was an allocation of income and expenses, which should have been netted off instead. This correction does not have any impact on the reported profit for the financial year ending 31 December 2022.

 

Prior year adjustment 2

A sum of £111,962 was subject to a prior year adjustment pertaining to the financial statements concluding in 31 December 2021. This amount was allocated to prepayments associated with legal patent fees. This adjustment was expensed to the profit and loss account for the financial year ending 31 December 2021.

 

A sum of £84,951 was subject to a prior year adjustment pertaining to the financial statements concluding in 31 December 2022. This amount was allocated to prepayments associated with legal patent fees. This adjustment was expensed to the profit and loss account for the financial year ending 31 December 2022.

 

Prior year adjustment 3

Previously Sixfold Bioscience Limited did not recognise share-based payments. However, as there is an equity settled scheme in place, whereby the Company grants shares to the employees, 31 December 2021 has been restated to correctly reflect the transactions involved. To the amount of £771,212.

 

Similarly, for the financial year ending 31 December 2022, Sixfold Bioscience Limited did not recognise share-based payments. A prior year adjustment of £1,021,560 has been recorded to rectify this and accurately represent the associated transactions.

Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Prior year adjustment 2
(111,962)
(196,913)
Equity as previously reported
1,126,372
923,466
Equity as adjusted
1,014,410
726,553
Analysis of the effect upon equity
Other reserves
771,212
1,792,772
Profit and loss reserves
(883,174)
(1,989,685)
(111,962)
(196,913)
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