Company registration number 11653696 (England and Wales)
APOBEC DISCOVERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
APOBEC DISCOVERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 5
APOBEC DISCOVERY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
170,273
100,662
Cash at bank and in hand
979,152
1,152,646
1,149,425
1,253,308
Creditors: amounts falling due within one year
5
(65,025)
(630,916)
Net current assets
1,084,400
622,392
Creditors: amounts falling due after more than one year
6
-
0
(752,744)
Net assets/(liabilities)
1,084,400
(130,352)
Capital and reserves
Called up share capital
44
23
Share premium account
2,492,645
799,307
Equity reserve
-
0
125,256
Profit and loss reserves
(1,408,289)
(1,054,938)
Total equity
1,084,400
(130,352)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
Mr J W Edwards
Director
Company Registration No. 11653696
APOBEC DISCOVERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Share capital
Share premium account
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2021
23
799,307
181,015
(674,459)
305,886
Year ended 31 October 2022:
Loss and total comprehensive income for the year
-
-
-
(380,479)
(380,479)
Issue of convertible loan
-
-
(55,759)
-
(55,759)
Balance at 31 October 2022
23
799,307
125,256
(1,054,938)
(130,352)
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
-
(353,351)
(353,351)
Issue of share capital
21
1,693,338
-
-
1,693,359
Other movements
-
-
(125,256)
-
(125,256)
Balance at 31 October 2023
44
2,492,645
-
0
(1,408,289)
1,084,400
APOBEC DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

APOBEC Discovery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3Mc Middlemarch Business Park, Siskin Drive, Coventry, West Midlands, United Kingdom, CV3 4FJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.3
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The Company currently surrenders losses relating to eligible UK research and development expenses for a cash rebate. The cash rebate rate will reduce in respect of qualifying expenditure incurred in accounting periods beginning on, or after, 1 April 2023. The tax credit is recognised within taxation in the profit and loss account in the year in which the corresponding costs were incurred. Amounts not yet received are recognised within Debtors in the Balance Sheet.

 

APOBEC DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.8

Pensions

The company operates a defined contribution plan for its eligible employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once contributions have been paid, the Company has no further payment obligations.

1.9

Research and development tax relief

As the company's principal activity is research and development, the company incurs significant costs that are eligible for tax relief under the HMRC SME and RDEC tax relief programs. Qualifying expenditures largely comprise of employment costs for research staff, consumables, certain other internal costs directly related to research projects and research and development acitivities subcontracted to third parties.

APOBEC DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
7
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
149,073
93,015
Other debtors
21,200
6,947
Prepayments and accrued income
-
0
700
170,273
100,662
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
48,330
23,411
Taxation and social security
-
0
5,839
Other creditors
16,695
601,666
65,025
630,916
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Convertible loans
-
0
752,744
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