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Registered number: 13077801
Valink Therapeutics Ltd
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: 13077801
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 72,349 76,422
Tangible Assets 5 361,245 190,050
433,594 266,472
CURRENT ASSETS
Debtors 6 482,500 177,793
Cash at bank and in hand 154,263 431,705
636,763 609,498
Creditors: Amounts Falling Due Within One Year 7 (226,010 ) (18,116 )
NET CURRENT ASSETS (LIABILITIES) 410,753 591,382
TOTAL ASSETS LESS CURRENT LIABILITIES 844,347 857,854
NET ASSETS 844,347 857,854
CAPITAL AND RESERVES
Called up share capital 8 25,525 15,925
Share premium account 2,527,005 1,576,605
Profit and Loss Account (1,708,183 ) (734,676 )
SHAREHOLDERS' FUNDS 844,347 857,854
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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
Irsyad Khairil Anuar
Director
1st March 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Valink Therapeutics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13077801 . The registered office is Imperial Translation & Innovation Hub , 84 Wood Lane, London, England, W12 0BZ.
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 Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.

2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets represent patent and licence fees. These are amortised to the profit and loss account over the expected duration of the patent or licence.
2.4. 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:
Leasehold over the term of the lease
Plant & Machinery 20% Straight Line basis
Fixtures & Fittings 20% Straight Line basis
Computer Equipment 33% Straight Line basis
2.5. 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.
2.6. 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.

2.7. 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.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 8)
9 8
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4. Intangible Assets
Other
£
Cost
As at 1 January 2023 81,450
As at 31 December 2023 81,450
Amortisation
As at 1 January 2023 5,028
Provided during the period 4,073
As at 31 December 2023 9,101
Net Book Value
As at 31 December 2023 72,349
As at 1 January 2023 76,422
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 43,092 205,008 707 1,461 250,268
Additions 37,714 193,739 5,214 7,408 244,075
As at 31 December 2023 80,806 398,747 5,921 8,869 494,343
Depreciation
As at 1 January 2023 20,273 39,473 158 314 60,218
Provided during the period 24,890 46,394 584 1,012 72,880
As at 31 December 2023 45,163 85,867 742 1,326 133,098
Net Book Value
As at 31 December 2023 35,643 312,880 5,179 7,543 361,245
As at 1 January 2023 22,819 165,535 549 1,147 190,050
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 202,883 22,452
Other debtors 69,447 10,271
Corporation tax recoverable assets 148,082 134,368
VAT 62,088 10,702
482,500 177,793
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 199,342 7,038
Other taxes and social security 20,403 11,064
Other creditors - 14
Accruals and deferred income 6,265 -
226,010 18,116
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
2,552,530 Ordinary Shares of £ 0.01 each 25,525 15,925
Shares issued during the period: £
960,000 Ordinary Shares of £ 0.01 each 9,600
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 154,703 15,532
Later than one year and not later than five years 274,227 -
428,930 15,532
10. Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is Valink 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 515,000 options had been granted over common stock in the parent company at an average exercise price of $0.005. Vesting periods vary from one to four years in equal instalments. At the date of the financial statements a total of 325,250 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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