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REGISTERED NUMBER: 09620994 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

C3 BIOTECHNOLOGIES LIMITED

C3 BIOTECHNOLOGIES LIMITED (REGISTERED NUMBER: 09620994)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


C3 BIOTECHNOLOGIES LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2023







DIRECTORS: Professor N S Scrutton FRS
M H Smith



SECRETARY: P Dennison ACA, FCCA



REGISTERED OFFICE: 20 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
Lancashire
LA1 3SW



REGISTERED NUMBER: 09620994 (England and Wales)



SENIOR STATUTORY AUDITOR: Antonia Aldridge-Brown FCCA



AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

C3 BIOTECHNOLOGIES LIMITED (REGISTERED NUMBER: 09620994)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 311,147 274,398
Tangible assets 5 103,240 75,023
Investments 6 4,684 4,684
419,071 354,105

CURRENT ASSETS
Debtors 7 156,558 112,721
Cash at bank 275,965 592,730
432,523 705,451
CREDITORS
Amounts falling due within one year 8 184,417 276,506
NET CURRENT ASSETS 248,106 428,945
TOTAL ASSETS LESS CURRENT LIABILITIES 667,177 783,050

CREDITORS
Amounts falling due after more than one
year

9

(58,769

)

(132,516

)

PROVISIONS FOR LIABILITIES (18,593 ) (18,756 )
NET ASSETS 589,815 631,778

CAPITAL AND RESERVES
Called up share capital 10 7,028 7,028
Share premium 34,296 34,296
Retained earnings 548,491 590,454
SHAREHOLDERS' FUNDS 589,815 631,778

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 6 March 2024 and were signed on its behalf by:




Professor N S Scrutton FRS - Director



M H Smith - Director


C3 BIOTECHNOLOGIES LIMITED (REGISTERED NUMBER: 09620994)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023


1. STATUTORY INFORMATION

C3 Biotechnologies 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.

There were no departures from that standard.

The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £.

Preparation of consolidated financial statements
The financial statements contain information about C3 Biotechnologies Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Patents, trademarks & 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.
Scientific equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

C3 BIOTECHNOLOGIES LIMITED (REGISTERED NUMBER: 09620994)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, 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. Such assets are subsequently carried at amortised cost using the effective
interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for
objective evidence of impairment. If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated cash flows discounted at the
asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are
transferred to another party or (c) despite having retained some significant risks and rewards of
ownership, control of the asset has been transferred to another party who has the practical ability to
unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group
companies, 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. Debt instruments are subsequently carried at
amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is
due within one year or less. If not, they are presented as non-current liabilities. Trade payables are
recognised initially at transaction price and subsequently measured at amortised cost using the
effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements
when there is a legally enforceable right to set off the recognised amounts and there is an intention
to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year 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.


C3 BIOTECHNOLOGIES LIMITED (REGISTERED NUMBER: 09620994)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The directors have considered the impact the current economic environment in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

C3 BIOTECHNOLOGIES LIMITED (REGISTERED NUMBER: 09620994)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


4. INTANGIBLE FIXED ASSETS
Patents,
trademarks
& licences
£   
COST
At 1 October 2022 277,341
Additions 51,525
Impairments (12,542 )
At 30 September 2023 316,324
AMORTISATION
At 1 October 2022 2,943
Amortisation for year 2,234
At 30 September 2023 5,177
NET BOOK VALUE
At 30 September 2023 311,147
At 30 September 2022 274,398

5. TANGIBLE FIXED ASSETS
Scientific
equipment
£   
COST
At 1 October 2022 89,585
Additions 67,549
At 30 September 2023 157,134
DEPRECIATION
At 1 October 2022 14,562
Charge for year 39,332
At 30 September 2023 53,894
NET BOOK VALUE
At 30 September 2023 103,240
At 30 September 2022 75,023

C3 BIOTECHNOLOGIES LIMITED (REGISTERED NUMBER: 09620994)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 October 2022
and 30 September 2023 4,684
NET BOOK VALUE
At 30 September 2023 4,684
At 30 September 2022 4,684

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 66,212 32,518
Other debtors 29,696 50,004
Tax 47,616 -
VAT 10,642 -
Prepayments and accrued income 2,392 30,199
156,558 112,721

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,619 1,364
Amounts owed to group undertakings - 1,734
Corporation tax - 30,349
Social security and other taxes 7,380 11,450
VAT - 17,729
Other creditors 40,000 40,000
Accruals and deferred income 116,418 173,880
184,417 276,506

Within accruals and deferred income, is deferred income / grants relating to the various projects that the company is undertaking of £122,944 (2022 - £276,577) which will be used against future allowable expenditure.

Included within other creditors is a £40,000 liability in relation to share options. FRS102 requires other financial instruments to be held as a liability at fair value through profit or loss.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Accruals and deferred income 58,769 132,516

C3 BIOTECHNOLOGIES LIMITED (REGISTERED NUMBER: 09620994)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
547,240 Ordinary A Shares 0.01 5,472 5,472
155,608 Ordinary B Shares 0.01 1,556 1,556
7,028 7,028

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

The Report of the Auditors was unqualified.

Antonia Aldridge-Brown FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

12. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 95,004 147,118

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company incurred directors services fees of £12,500 (2022: £17,500) from a related entity.

During the year the company incurred scientific consultancy costs of £nil (2022: £75,000) from a related entity.

14. ULTIMATE CONTROLLING PARTY

The directors are the ultimate controlling party by virtue of their shareholding.