Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
271,481 | 277,647 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
979,456 | 729,552 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current assets/(liabilities) | 384,368 | (180,168) | ||
Total assets less current liabilities | 655,849 | 97,479 | ||
Provision for liabilities | 6 | (
|
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Profit and loss account | 8 |
|
|
|
Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Eleven Therapeutics (UK) Ltd (registered number:
S Ilan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Eleven Therapeutics (UK) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's Registered Office is 35 Ballards Lane, London, N3 1XW.
The principal activity of the Company during the financial year was that of developing RNA based therapeutic applications and technological platforms to improve and perfect the drug development pipeline.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in Pound Sterling which is the functional currency of the Company and rounded to the nearest £.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in Statement of Income and Retained Earnings.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in Statement of Income and Retained Earnings within 'other operating income'.
Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to the date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the Statement of Income and Retained Earnings.
Plant and machinery |
|
Office equipment |
|
Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to Statement of Income and Retained Earnings.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including other debtors and amounts due from related companies, 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 the Statement of Income and Retained Earnings.
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) 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.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors 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.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including directors |
|
|
Plant and machinery | Office equipment | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2023 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
At 31 December 2023 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 January 2023 |
|
|
|
|
|||
Charge for the financial year |
|
|
|
|
|||
At 31 December 2023 |
|
|
|
|
|||
Net book value | |||||||
At 31 December 2023 |
|
|
|
|
|||
At 31 December 2022 |
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Amounts owed by group undertakings |
|
|
|
Other taxation and social security |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
|
|
Accruals |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year |
|
(
|
|
(Charged)/credited to the Statement of Income and Retained Earnings | (
|
|
|
At the end of financial year | (
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Options have been granted over 66,600 Ordinary shares of £0.0001 in the Parent company to 19 employees of the company.
During the year, Options were granted over 7,800 Ordinary shares of £0.0001 and have an exercise price of £7.228.
Further Options were granted over 8,400 Ordinary shares of £0.0001 with an exercise price of £7.0009 and over 1,200 Ordinary shares of £0.0001 with an exercise price of £14.0017.
Options over 1,200 Ordinary shares of £0.0001 that were granted in the previous year at an exercise price of £7.6794 lapsed during the year.
Parent Company:
|