Company registration number SC648164 (Scotland)
OUTRUN THERAPEUTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OUTRUN THERAPEUTICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OUTRUN THERAPEUTICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
66,716
82,112
Tangible assets
4
203,592
121,801
270,308
203,913
Current assets
Debtors
5
548,251
183,903
Cash at bank and in hand
3,344,034
1,518,556
3,892,285
1,702,459
Creditors: amounts falling due within one year
6
(330,618)
(149,483)
Net current assets
3,561,667
1,552,976
Total assets less current liabilities
3,831,975
1,756,889
Creditors: amounts falling due after more than one year
7
(3,912,107)
Net (liabilities)/assets
(80,132)
1,756,889
Capital and reserves
Called up share capital
565
565
Share premium account
3,999,600
3,999,600
Equity reserve
216,678
Profit and loss reserves
(4,296,975)
(2,243,276)
Total equity
(80,132)
1,756,889
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OUTRUN THERAPEUTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Carolyn Porter
Director
Company registration number SC648164 (Scotland)
OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Outrun Therapeutics Limited is a private company limited by shares incorporated in Scotland. The registered office is Errol Road, Invergowrie, Dundee, Scotland, DD2 5DA. The company registration number is SC648164.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patent
7 Years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
7 Years
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Compound instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
4
3
Intangible fixed assets
Patent
£
Cost
At 1 January 2023 and 31 December 2023
107,864
Amortisation and impairment
At 1 January 2023
25,752
Amortisation charged for the year
15,396
At 31 December 2023
41,148
Carrying amount
At 31 December 2023
66,716
At 31 December 2022
82,112
OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
145,245
Additions
112,662
At 31 December 2023
257,907
Depreciation and impairment
At 1 January 2023
23,444
Depreciation charged in the year
30,871
At 31 December 2023
54,315
Carrying amount
At 31 December 2023
203,592
At 31 December 2022
121,801
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
461,745
115,000
Other debtors
86,506
68,903
548,251
183,903
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
204,673
90,140
Taxation and social security
13,315
12,007
Other creditors
112,630
47,336
330,618
149,483
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Convertible loans
3,912,107
OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Convertible loan notes
The 18 month convertible loan notes were issued on 31 August 2023. Interest accrues on the principal amount of £4,000,000 at 8% per annum, payable daily. The debt is convertible into 559,507 £0.001 ordinary shares in Outrun Therapeutics Limited on 28 February 2025.