2022-07-042023-07-312023-07-31false14212968ORFONYX BIO 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ORFONYX BIO LTD

Registered Number
14212968
(England and Wales)

Unaudited Financial Statements for the Period ended
31 July 2023

ORFONYX BIO LTD
Company Information
for the period from 4 July 2022 to 31 July 2023

Directors

BROWN, Claire, Dr
DARUNII DE JONGH, Lisanne
MENN, Benedicte
WOOD, Matthew John Andrew, Prof

Company Secretary

STEPHENS, Benedict Charles

Registered Address

Bioescalator Innovation Building
Roosevelt Drive
Oxford
OX3 7FZ

Registered Number

14212968 (England and Wales)
ORFONYX BIO LTD
Balance Sheet as at
31 July 2023

Notes

2023

£

£

Fixed assets
Tangible assets331,806
31,806
Current assets
Debtors127,777
Cash at bank and on hand351,692
479,469
Creditors amounts falling due within one year4(107,889)
Net current assets (liabilities)371,580
Total assets less current liabilities403,386
Net assets403,386
Capital and reserves
Called up share capital1,078,593
Profit and loss account(675,207)
Shareholders' funds403,386
The financial statements were approved and authorised for issue by the Board of Directors on 31 March 2024, and are signed on its behalf by:
BROWN, Claire, Dr
Director
Registered Company No. 14212968
ORFONYX BIO LTD
Notes to the Financial Statements
for the period ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Research and development
All research costs are expensed.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
2.Average number of employees

2023
Average number of employees during the year2
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
Additions29,9995,99535,994
At 31 July 2329,9995,99535,994
Depreciation and impairment
Charge for year3,9052834,188
At 31 July 233,9052834,188
Net book value
At 31 July 2326,0945,71231,806
At 03 July 22---
4.Creditors: amounts due within one year

2023

£
Trade creditors / trade payables52,997
Taxation and social security4,210
Other creditors37,291
Accrued liabilities and deferred income13,391
Total107,889
5.Events after reporting date
The Company raised £2m in investment in November 2023.