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REGISTERED NUMBER: 14131243 (England and Wales)










FINANCIAL STATEMENTS

FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023

FOR

NEXUS BIOQUEST LIMITED

NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEXUS BIOQUEST LIMITED

COMPANY INFORMATION
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023







DIRECTORS: Dr R J Brown
A F Dippenaar
S N Korantak
A J Macdonald
W G R Parish
C J Sacks
P Schmid
Prof N A Williams



SECRETARY: OHS Secretaries Limited



REGISTERED OFFICE: 9th Floor 107 Cheapside
London
United Kingdom
EC2V 6DN



REGISTERED NUMBER: 14131243 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Philip Evans BSc FCA



AUDITORS: PJE Chartered Accountants & Statutory Auditors
2 Oakfield Road
Clifton
Bristol
BS8 2AL

NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243)

BALANCE SHEET
30 SEPTEMBER 2023

Notes £    £   
FIXED ASSETS
Tangible assets 4 1,504,537

CURRENT ASSETS
Stocks 5 33,137
Debtors 6 324,599
Cash at bank 1,449,063
1,806,799
CREDITORS
Amounts falling due within one year 7 154,241
NET CURRENT ASSETS 1,652,558
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,157,095

CAPITAL AND RESERVES
Called up share capital 9 25,117
Share premium 4,303,005
Retained earnings (1,171,027 )
SHAREHOLDERS' FUNDS 3,157,095

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 26 January 2024 and were signed on its behalf by:





W G R Parish - Director


NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Nexus Bioquest Limited 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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered net of discounts and rebates allowed by the Company and value added taxes.

The Company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the Company retains no continuing involvement or control over the goods, (c) the amount of revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity, (e) when the specific criteria relating to the each of Company's sales channels have been met, as described below:

(i) Sale of services
The Company provides pharmaceutical research services to its customers in exchange for a fee which is generally dependent on the resource dedicated to the project and charged at a certain rate per full time equivalent (FTE) employee per year. Revenue on such contracts is recognised as the services are rendered. The Company also receives milestone payments, these are recognised as revenue when achieved. In other cases, the Company performs research services on a fixed price basis. In this case, turnover is recognised as work is performed using the percentage of completion method, as measured by costs incurred to date compared to estimated total costs at completion.

The timing of revenue recognition, billings and cash collections results in contract assets (unbilled revenue), and contract liabilities (current and long-term deferred revenue and customer contract deposits) on the balance sheet. A contract asset is recorded when a right to consideration in exchange for goods or services transferred to a customer is conditioned other than passage of time. A contract liability is recorded when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract. Contract liabilities are recognised aa revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met.

NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period 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.

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 period 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 .

NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
Additions 436,481 1,142,208 75,911 90,635 1,745,235
At 30 September 2023 436,481 1,142,208 75,911 90,635 1,745,235
DEPRECIATION
Charge for period 37,587 184,141 6,748 12,222 240,698
At 30 September 2023 37,587 184,141 6,748 12,222 240,698
NET BOOK VALUE
At 30 September 2023 398,894 958,067 69,163 78,413 1,504,537

5. STOCKS
£   
Consumables 33,137

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 174,183
Amounts recoverable on contract 34,851
Other debtors 36,153
VAT 35,389
Prepayments 44,023
324,599

The directors have chosen not to recognise a portion of the deferred tax asset related to available tax losses at this time. This decision is based on a conservative approach given recent losses experienced by the Company.

The decision not to recognise the deferred tax asset is not indicative of a lack of confidence in the Company's future profitability. On the contrary, the directors express confidence in the Company's ability to achieve sustained profits in the future. This decision aligns with a cautious approach, recognising the unpredictability inherent in business environments.

NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 95,482
Other creditors 10,601
Accruals and deferred income 48,158
154,241

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
£   
Within one year 72,307
Between one and five years 72,307
144,614

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
208,061 Ordinary £0.01 2,081
817,382 Pre-seed ordinary £0.01 8,174
1,486,153 Seed ordinary £0.01 14,862
25,117

The following fully paid shares were allotted during the period at a premium as shown below:

208,061 Ordinary shares of £0.01 each at 66p per share
817,382 Pre-seed ordinary shares of £0.01 each at 66p per share
1,486,153 Seed ordinary shares of £0.01 each at £2.44 per share

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

The Report of the Auditors was unqualified.

Philip Evans BSc FCA (Senior Statutory Auditor)
for and on behalf of PJE Chartered Accountants & Statutory Auditors

NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023


11. RELATED PARTY DISCLOSURES

During the period ended 30th September 2023, the Company entered into an agreement with Conditor Capital Management for professional services related to the management and facilitation of the initial investment in Nexus BioQuest Limited . Pursuant to this agreement, the Company incurred a fee of
£350,000.

Conditor Capital Management is considered a related party due to the commonality of directors serving on the boards of both Nexus BioQuest Limited and Conditor Capital Management.

12. ULTIMATE CONTROLLING PARTY

It is the opinion of the directors that the controlling party is not known.