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Registration number: 11076788

Hone Bio Limited

(formerly Cytoseek Limited)

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

Pages for filing with Registrar

 

Hone Bio Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Hone Bio Limited

Company Information

Directors

Dr A W Perriman

Dr H S Destecroix

Mr K MacDonald

Parkwalk Advisors Ltd

Dr M M T Khan

Dr A M Chapman

Dr B M Carter

Registered office

Science Creates Old Market
Midland Road
Bristol
BS2 0JZ

Registered number

11076788

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Hone Bio Limited

(Registration number: 11076788)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

202,431

249,904

Current assets

 

Debtors

5

77,391

167,541

Cash at bank and in hand

 

543,962

1,613,311

 

621,353

1,780,852

Creditors: Amounts falling due within one year

6

(221,563)

(134,872)

Net current assets

 

399,790

1,645,980

Net assets

 

602,221

1,895,884

Capital and reserves

 

Called up share capital

3,765

3,765

Share premium reserve

4,420,682

4,420,682

Share options reserve

34,796

334

Other reserves

730,769

-

Profit and loss account

(4,587,791)

(2,528,897)

Total equity

 

602,221

1,895,884

 

Hone Bio Limited

(Registration number: 11076788)
Balance Sheet as at 31 July 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 30 April 2024 and signed on its behalf by:
 

.........................................

Dr B M Carter
Director

 

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Cytoseek Limited.

The address of its registered office is:
Science Creates Old Market
Midland Road
Bristol
BS2 0JZ

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered investment income received in the year from share issues and forecast cashflows for the twelve months from the date of approval of these financial statements. Following the most recent funding round the directors expect to receive further investment of £827k and therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

 

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Office equipment

4 years straight line

Plant and machinery

4 years straight line

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Share based payments

The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 14).

 

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible fixed assets

Office Equipment
 £

Plant and Machinery
£

Total
£

Cost

At 1 August 2022

14,181

371,149

385,330

Additions

-

56,038

56,038

At 31 July 2023

14,181

427,187

441,368

Depreciation

At 1 August 2022

4,558

130,868

135,426

Charge for the year

3,545

99,966

103,511

At 31 July 2023

8,103

230,834

238,937

Carrying amount

At 31 July 2023

6,078

196,353

202,431

At 31 July 2022

9,623

240,281

249,904

 

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Debtors: amounts falling due within one year

2023
£

2022
£

Other debtors

10,812

10,812

VAT

39,898

53,717

Prepayments and accrued income

26,681

65,778

Corporation tax

-

37,234

77,391

167,541

6

Creditors

2023
£

2022
£

Trade creditors

53,658

34,473

Taxation and social security

75,794

26,775

Other creditors

81,145

47,553

Accruals and deferred income

10,966

26,071

221,563

134,872

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

37,649

3,764.90

37,649

3,764.90

         
 

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Share options reserve
£

Other
reserves
£

Total
£

Share based payment expense

34,462

-

34,462

Advance share subscription

-

730,769

730,769

34,462

730,769

765,231

Within the year, there was an advanced share subscription agreement entered into which represents an irrevocable subscription for shares in the Company. The total funds made available to the Company during the year was £730,769.

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Share options reserve
£

Other reserves
£

Total
£

Share based payment expense

334

-

334

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

18,179

32,435

The amount of non-cancellable operating lease payments recognised as an expense during the year was £129,741 (2022 - £86,494).

 

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Post balance sheet event

Following the year-end, 12,408 Ordinary B shares were allotted having an aggregate value of £1,241 for an aggregate consideration of £59.

11

Share-based payments

EMI Share option scheme

Scheme details and movements

Share options were granted to certain employees under an EMI share option scheme. The options are exercisable provided criteria are met regarding continued employment and achievement of certain targets.

The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

2023
Number

2022
Number

Outstanding, start of period

2,164

876

Granted during the period

999

1,288

Forfeited during the period

(48)

-

Outstanding, end of period

3,115

2,164

Exercisable, end of period

3,115

2,164

The movements in the weighted average exercise price of share options during the year were as follows:

2023
£

2022
£

Outstanding, start of period

69.56

-

Granted during the period

60.96

69.56

Forfeited during the period

(72.05)

-

Outstanding, end of period

64.50

69.56

Exercisable, end of period

64.50

69.56

 

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Unapproved Share option scheme

Scheme details and movements

Share options were granted to certain employees under an unapproved share option scheme. The options are exercisable provided criteria are met regarding continued employment and achievement of certain targets.

The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

2023
Number

2022
Number

Outstanding, start of period

722

396

Granted during the period

70

326

Forfeited during the period

(390)

-

Outstanding, end of period

402

722

Exercisable, end of period

402

722

The movements in the weighted average exercise price of share options during the year were as follows:

2023
£

2022
£

Outstanding, start of period

111.43

-

Granted during the period

120.08

111.43

Forfeited during the period

(120.08)

-

Outstanding, end of period

104.55

111.43

Exercisable, end of period

104.55

111.43