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Company No: 12294967 (England and Wales)

OCHRE BIO LIMITED

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

OCHRE BIO LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

OCHRE BIO LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
OCHRE BIO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Jack O'Meara
Quin Wills
REGISTERED OFFICE Hayakawa Building Oxford Science Park
Edmund Halley Road
Oxford
OX4 4GB
England
United Kingdom
COMPANY NUMBER 12294967 (England and Wales)
ACCOUNTANT Peters Elworthy & Moore
Salisbury House
Station Road
Cambridge
CB1 2LA
OCHRE BIO LIMITED

BALANCE SHEET

As at 31 December 2023
OCHRE BIO LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,424,616 2,529,769
Investments 4 1,039,666 1,039,666
2,464,282 3,569,435
Current assets
Debtors 5 4,813,120 3,075,055
Cash at bank and in hand 2,191,622 9,333,674
7,004,742 12,408,729
Creditors: amounts falling due within one year 6 ( 1,342,139) ( 3,179,334)
Net current assets 5,662,603 9,229,395
Total assets less current liabilities 8,126,885 12,798,830
Creditors: amounts falling due after more than one year 7 ( 4,196,264) ( 388,463)
Net assets 3,930,621 12,410,367
Capital and reserves
Called-up share capital 8 82 82
Capital contribution reserve 27,281,483 27,281,483
Profit and loss account ( 23,350,944 ) ( 14,871,198 )
Total shareholder's funds 3,930,621 12,410,367

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 Ochre Bio Limited (registered number: 12294967) were approved and authorised for issue by the Board of Directors on 17 May 2024. They were signed on its behalf by:

Jack O'Meara
Director
OCHRE BIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
OCHRE BIO LIMITED

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

Ochre Bio Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Hayakawa Building, Oxford Science Park, Edmund Halley Road, Oxford, England, OX3 7FZ.

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 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ 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 pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.

Given the capital contributions received, together with development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

Foreign currency

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Employee benefits

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 29

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 3,493,717 7,807 97,347 3,598,871
Additions 89,573 187 3,745 93,505
Disposals 0 0 ( 1,541) ( 1,541)
At 31 December 2023 3,583,290 7,994 99,547 3,690,831
Accumulated depreciation
At 01 January 2023 1,030,530 1,910 36,662 1,069,102
Charge for the financial year 1,164,244 2,643 31,084 1,197,971
Disposals 0 0 ( 855) ( 855)
At 31 December 2023 2,194,774 4,553 66,888 2,266,215
Net book value
At 31 December 2023 1,388,516 3,441 32,659 1,424,616
At 31 December 2022 2,463,187 5,897 60,685 2,529,769

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 1,039,666 1,039,666
At 31 December 2023 1,039,666 1,039,666
Carrying value at 31 December 2023 1,039,666 1,039,666
Carrying value at 31 December 2022 1,039,666 1,039,666

5. Debtors

2023 2022
£ £
Corporation tax 4,417,320 2,732,024
Other debtors 395,800 343,031
4,813,120 3,075,055

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 284,871 2,151,237
Amounts owed to Group undertakings 733,932 903,195
Other taxation and social security 88,933 80,279
Other creditors 234,403 44,623
1,342,139 3,179,334

Other creditors includes contributions of £23,283 (2022: £20,816) payable to the Company's defined contribution scheme at the balance sheet date.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Group undertakings 4,196,264 388,463

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
820,000 Ordinary shares of £ 0.0001 each 82 82

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 170,752 256,048
between one and five years 0 170,752
170,752 426,800