Registration number:
Hone Bio Limited
(formerly
for the Year Ended 31 July 2023
Pages for filing with Registrar
Hone Bio Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Registered number |
11076788 |
Accountant |
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Hone Bio Limited
(Registration number: 11076788)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Share options reserve |
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Other reserves |
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- |
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Profit and loss account |
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Total equity |
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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:
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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
.........................................
Director
Hone Bio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
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:
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Hone Bio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Tangible fixed assets |
Office Equipment |
Plant and Machinery |
Total |
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Cost |
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At 1 August 2022 |
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Additions |
- |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Hone Bio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Debtors: amounts falling due within one year |
2023 |
2022 |
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Other debtors |
10,812 |
10,812 |
VAT |
39,898 |
53,717 |
Prepayments and accrued income |
26,681 |
65,778 |
Corporation tax |
- |
37,234 |
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Creditors |
2023 |
2022 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
81,145 |
47,553 |
Accruals and deferred income |
10,966 |
26,071 |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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3,764.90 |
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3,764.90 |
Hone Bio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
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 |
Total |
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Share based payment expense |
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- |
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Advance share subscription |
- |
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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 |
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Share based payment expense |
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- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Hone Bio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
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.
Share-based payments |
Scheme details and movements
The options expire ten years after the grant date.
The movements in the number of share options during the year were as follows:
2023 |
2022 |
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Outstanding, start of period |
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Granted during the period |
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Forfeited during the period |
( |
- |
Outstanding, end of period |
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Exercisable, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
2023 |
2022 |
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Outstanding, start of period |
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- |
Granted during the period |
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Forfeited during the period |
( |
- |
Outstanding, end of period |
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Exercisable, end of period |
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Hone Bio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Scheme details and movements
The options expire ten years after the grant date.
The movements in the number of share options during the year were as follows:
2023 |
2022 |
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Outstanding, start of period |
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Granted during the period |
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Forfeited during the period |
( |
- |
Outstanding, end of period |
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Exercisable, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
2023 |
2022 |
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Outstanding, start of period |
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- |
Granted during the period |
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Forfeited during the period |
( |
- |
Outstanding, end of period |
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Exercisable, end of period |
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