Silverfin false false 31/12/2023 01/01/2023 31/12/2023 O A Drory 10/02/2021 Y Erlich 10/02/2021 T Goldberg 17/05/2022 S Ilan 10/02/2021 01 August 2024 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. 13192758 2023-12-31 13192758 bus:Director1 2023-12-31 13192758 bus:Director2 2023-12-31 13192758 bus:Director3 2023-12-31 13192758 bus:Director4 2023-12-31 13192758 2022-12-31 13192758 core:CurrentFinancialInstruments 2023-12-31 13192758 core:CurrentFinancialInstruments 2022-12-31 13192758 core:ShareCapital 2023-12-31 13192758 core:ShareCapital 2022-12-31 13192758 core:RetainedEarningsAccumulatedLosses 2023-12-31 13192758 core:RetainedEarningsAccumulatedLosses 2022-12-31 13192758 core:PlantMachinery 2022-12-31 13192758 core:OfficeEquipment 2022-12-31 13192758 core:ComputerEquipment 2022-12-31 13192758 core:PlantMachinery 2023-12-31 13192758 core:OfficeEquipment 2023-12-31 13192758 core:ComputerEquipment 2023-12-31 13192758 core:CurrentFinancialInstruments 10 2023-12-31 13192758 core:CurrentFinancialInstruments 10 2022-12-31 13192758 2021-12-31 13192758 bus:OrdinaryShareClass1 2023-12-31 13192758 2023-01-01 2023-12-31 13192758 bus:FilletedAccounts 2023-01-01 2023-12-31 13192758 bus:SmallEntities 2023-01-01 2023-12-31 13192758 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13192758 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13192758 bus:Director1 2023-01-01 2023-12-31 13192758 bus:Director2 2023-01-01 2023-12-31 13192758 bus:Director3 2023-01-01 2023-12-31 13192758 bus:Director4 2023-01-01 2023-12-31 13192758 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 13192758 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 13192758 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 13192758 2022-01-01 2022-12-31 13192758 core:PlantMachinery 2023-01-01 2023-12-31 13192758 core:OfficeEquipment 2023-01-01 2023-12-31 13192758 core:ComputerEquipment 2023-01-01 2023-12-31 13192758 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 13192758 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13192758 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 13192758 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13192758 (England and Wales)

ELEVEN THERAPEUTICS (UK) LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ELEVEN THERAPEUTICS (UK) LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ELEVEN THERAPEUTICS (UK) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
ELEVEN THERAPEUTICS (UK) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 271,481 277,647
271,481 277,647
Current assets
Debtors 4 739,599 166,500
Cash at bank and in hand 239,857 563,052
979,456 729,552
Creditors: amounts falling due within one year 5 ( 595,088) ( 909,720)
Net current assets/(liabilities) 384,368 (180,168)
Total assets less current liabilities 655,849 97,479
Provision for liabilities 6 ( 66,828) 0
Net assets 589,021 97,479
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 8 588,921 97,379
Total shareholder's funds 589,021 97,479

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

Directors' responsibilities:

The financial statements of Eleven Therapeutics (UK) Ltd (registered number: 13192758) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S Ilan
Director

01 August 2024

ELEVEN THERAPEUTICS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ELEVEN THERAPEUTICS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

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'.

Turnover

Revenue arises from cost plus recharges made to the parent company. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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.

Taxation


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.

Share-based payments

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

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

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 23 12

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 317,241 1,402 19,953 338,596
Additions 107,730 2,258 10,776 120,764
At 31 December 2023 424,971 3,660 30,729 459,360
Accumulated depreciation
At 01 January 2023 55,383 360 5,206 60,949
Charge for the financial year 117,644 977 8,309 126,930
At 31 December 2023 173,027 1,337 13,515 187,879
Net book value
At 31 December 2023 251,944 2,323 17,214 271,481
At 31 December 2022 261,858 1,042 14,747 277,647

4. Debtors

2023 2022
£ £
Amounts owed by group undertakings 20,093 1,058
Other taxation and social security 588,161 0
Other debtors 131,345 165,442
739,599 166,500

Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 93,292 240,557
Amounts owed to group undertakings 357,022 565,985
Accruals 9,105 55,223
Taxation and social security 126,089 25,042
Other creditors 9,580 22,913
595,088 909,720

Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

6. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 ( 1,174)
(Charged)/credited to the Statement of Income and Retained Earnings ( 66,828) 1,174
At the end of financial year ( 66,828) 0

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Share based payments

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.

9. Ultimate controlling party

Parent Company:

Eleven Therapeutics Ltd

The immediate and ultimate parent undertaking is Eleven Therapeutics Ltd, a company incorporated and registered in Israel.