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Registered number: 13130725
NUNTIUS THERAPEUTICS LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13130725
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 99,222 113,492
99,222 113,492
CURRENT ASSETS
Debtors 5 290,617 328,991
Cash at bank and in hand 454,805 811,729
745,422 1,140,720
Creditors: Amounts Falling Due Within One Year 6 (100,419 ) (98,205 )
NET CURRENT ASSETS (LIABILITIES) 645,003 1,042,515
TOTAL ASSETS LESS CURRENT LIABILITIES 744,225 1,156,007
Creditors: Amounts Falling Due After More Than One Year 7 (7,469 ) (622,047 )
NET ASSETS 736,756 533,960
CAPITAL AND RESERVES
Called up share capital 8 33,826 22,020
Share premium account 3,348,648 2,179,899
Profit and Loss Account (2,645,718 ) (1,667,959 )
SHAREHOLDERS' FUNDS 736,756 533,960
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Benita Nagel
Director
29th January 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
NUNTIUS THERAPEUTICS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 13130725 . The registered office is Unit 013 Westbourne Studios, 242 Acklam Road, London, W10 5JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis.
The Company incurred a loss during the year of £977,759 (2022: £1,131,030) following extensive investment in the company's research and development activities. The company's losses have to date been funded by the company's parent company, Nuntius Therapeutics Inc. During the year a loan of £1,228,507 was converted to equity by the issue of new shares in the company to Nuntius Therapeutics Inc.
Nuntius Therapeutics Inc. has indicated a willingness to continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.
The Directors having assessed the current financial position of Nuntius Therapeutics Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance basis
Fixtures & Fittings 20% Reducing Balance basis
Computer Equipment 33% Straight Line basis
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Corporation tax credits are recognised as income in the period necessary to match them with the related costs they are intended to incentivise and when all relevant qualyfing conditions have been met.
2.6. Share Based Payments
The Company reflects the economic cost of awarding share options to employees by recording an expense in the Profit and Loss Account equal to the estimated fair value of the benefit awarded at the time of the award. The expense is recognised in the Profit and Loss Account on a straight line basis over the vesting period.
The amounts charged to Profit and Loss are reflected in reserves as the options are equity settled.
2.7. Comparative Note
The previous period in the comparatives comprises of 11 months from 1 February 2022 to 31 December 2022.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 8)
9 8
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Page 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 130,170 1,723 10,314 142,207
Additions 10,754 - 1,208 11,962
As at 31 December 2023 140,924 1,723 11,522 154,169
Depreciation
As at 1 January 2023 24,793 221 3,701 28,715
Provided during the period 22,103 301 3,828 26,232
As at 31 December 2023 46,896 522 7,529 54,947
Net Book Value
As at 31 December 2023 94,028 1,201 3,993 99,222
As at 1 January 2023 105,377 1,502 6,613 113,492
5. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Prepayments and accrued income 13,450 21,376
Other debtors 16,059 17,618
Corporation tax recoverable assets 249,680 273,904
VAT 11,428 16,093
290,617 328,991
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 81,003 75,362
Other taxes and social security 18,928 19,615
Accruals and deferred income 353 3,093
Directors' loan accounts 135 135
100,419 98,205
7. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Amounts owed to group undertakings 7,469 622,047
7,469 622,047
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Page 5
8. Share Capital
31 December 2023 31 December 2022
Allotted, called up and fully paid £ £
3,382,573 Ordinary Shares of £ 0.010 each 33,826 22,020
Shares issued during the period: £
1,180,555 Ordinary Shares of £ 0.010 each 11,806
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 December 2023 31 December 2022
£ £
Not later than one year 8,379 26,366
8,379 26,366
10. Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is NUNTIUS THERAPEUTICS INC., a company incorporated in the United States of America.
The directors consider there to be no ultimate controlling party.
11. Share Based Payment
The parent company operates an equity-settled share-based payment scheme. This scheme has been provided to certain employees, contractors, and advisors. At the date of the financial statements a total of 135,000 options had been granted over common stock in the parent company at an average exercise price of $0.02. Vesting periods vary from one to four years in equal instalments. At the date of the financial statements a total of 78,226 options had vested.
As disclosed in the accounting policy notes the fair value of any vested share options are charged to Profit and Loss over the vesting period.
No share based payment charge has been recognised in the year as any such expense would not be material to the financial statements.
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